Bitfire stablecoin ambitions are accelerating even as the Hong Kong crypto firm posts a HK$245 million half-year loss.
Bitfire reported a profit warning on May 21 disclosing a net loss of up to HK$245 million ($31.28 million) for the six months through March 2026. The loss is nearly 19 times larger than the HK$12.3 million recorded in the same period a year earlier.
The company blamed the widening loss primarily on a HK$152 million value decline on held crypto assets. Rising expenses tied to professional services, customer capabilities and research and development also contributed to the shortfall.
新火集團 CEO 翁曉奇 5 月 21 日出席第九屆世界金融論壇年會，分享了關於【融合AI的Web3將成為新時代數字金融底座】的最新思考，並首度拋出了「Web4」的未來願景：… pic.twitter.com/BCl2J4Y3xD
— 新火集团 Bitfire (@_BitfireGroup) May 22, 2026
Why Bitfire is accelerating its stablecoin push despite mounting losses
Bitfire CEO Livio Weng has described stablecoins as a “core pillar” of Hong Kong’s Web3 ecosystem and said the firm will prioritise integrating compliant Hong Kong stablecoins into its clearing and settlement systems.
The company has onboarded hundreds of institutional and ultra-high-net-worth clients since its August 2025 strategic upgrade, all of whom have expressed demand for stablecoin access.
Hong Kong’s HKMA awarded its first batch of stablecoin issuer licences in April 2026, with approval granted only to HSBC and Standard Chartered Bank. That restricted rollout positions Bitfire as a potential integration partner for compliant stablecoins rather than an issuer itself. Bitfire operates under SFC Types 1, 4, and 9 licences plus a Trust and Company Service Provider licence.
What the stablecoin opportunity looks like for Bitfire
Hong Kong’s regulatory framework creates a compliance-bounded market that larger global exchanges cannot easily enter. Bitfire’s positioning as a licensed virtual asset manager serving institutional clients gives it a structural advantage in introducing compliant stablecoins to that client base. Crypto.news has reported on the HKMA’s push to tighten virtual asset dealer and custody rules alongside the stablecoin licensing regime.
Bitfire’s spending blitz on professional services and R&D suggests it is building infrastructure to service institutional stablecoin demand that cannot yet be fully captured under Hong Kong’s restricted rollout pace. Crypto.news has also tracked Hong Kong’s effort to deepen institutional engagement across all licensed virtual asset platforms.
