Thai Crypto Exchange Bitkub Weighs Hong Kong IPO as Thailand’s Market Slumps
Thai cryptocurrency exchange Bitkub is weighing an initial public offering in Hong Kong, according to people familiar with the discussions, a move that could strengthen the city’s push to position itself as a leading digital-asset hub in Asia.
Key Takeaways:
Bitkub is exploring a Hong Kong IPO after Thailand’s struggling stock market dampened prospects for a domestic listing. The exchange may seek to raise around $200 million, aligning with Hong Kong’s push to attract more global crypto and tech issuers. A move to Hong Kong could provide Bitkub a more supportive regulatory environment as Thailand tightens oversight of its crypto sector.The Bangkok-based exchange, founded in 2018 and one of Thailand’s most prominent crypto platforms, had previously explored listing on the Stock Exchange of Thailand.
However, with the Thai market experiencing one of its worst years in recent memory, Bitkub is now looking abroad, according to a Monday report from Bloomberg.
Bitkub Eyes $200M Hong Kong IPO as Thai Market Sinks
The SET Index has dropped about 10% in 2025, while newly listed companies have delivered an average decline of more than 12%, dampening appetite for domestic IPOs.
One source said Bitkub could pursue a Hong Kong listing as early as next year, targeting a raise of roughly $200 million. The discussions remain fluid, and the company has not publicly commented on the matter.
Hong Kong has been working to revive its standing in global finance by opening the door to regulated crypto trading.
The city has rolled out a formal licensing regime for digital-asset exchanges and is preparing additional rule changes aimed at attracting both retail and institutional players.
Despite these efforts, trading volumes remain modest compared to major crypto hubs.
A Bitkub listing would bolster Hong Kong’s broader campaign to diversify its IPO pipeline beyond Chinese firms.
First-time share sales in the city are on track to reach their highest level in four years, with proceeds projected to surpass $40 billion in 2025, according to Bloomberg Intelligence.
As regulatory scrutiny and market weakness weigh on crypto activity in Thailand, a Hong Kong IPO may offer Bitkub both a more favorable market environment and greater visibility among international investors.
In July, Thailand’s Securities and Exchange Commission (SEC) and the Bank of Thailand announced plans to launch a regulatory crypto sandbox that will enable foreign tourists to convert their crypto assets into baht for spending locally.
Crypto IPOs Gain Momentum
Last month, tZero Group, a New York–based blockchain infrastructure firm focused on tokenized securities and real-world assets, announced that it is preparing to go public in 2026.
Before that, BitGo officially filed for an initial public offering, becoming the first dedicated crypto custodian to pursue a listing on a US stock exchange.
BitGo’s IPO filing came amid renewed momentum for crypto-related public offerings.
The digital asset space has seen several notable public listings in 2025. Stablecoin issuer Circle made a splash with its IPO in June, surging more than sevenfold since going public.
Online trading platform Etoro, which offers crypto trading among its services, debuted in May.
In addition, Galaxy Digital, led by Mike Novogratz, moved its listing from the Toronto Stock Exchange to Nasdaq earlier this year.
Gemini, the exchange founded by the Winklevoss twins, filed confidentially for a U.S. IPO in June, signaling strong market confidence in crypto exchanges going public.
More recently, Figure Technology Solutions Inc., a blockchain-focused lending platform, raised $787.5 million in its initial public offering.
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