Thai cryptocurrency exchange Bitkub is considering a major move by exploring an initial public offering in Hong Kong. The Bangkok-based exchange, founded in 2018, is one of Thailand’s leading crypto platforms. This decision comes as Thailand’s stock market faces challenges that make a domestic listing less attractive.
The Thai stock market has struggled in 2025, with the SET Index dropping around 10 percent and newly listed companies seeing average declines of over 12 percent. These conditions have reduced the appeal of local IPOs, prompting Bitkub to look abroad for better opportunities. By choosing Hong Kong, the exchange hopes to gain access to a more stable market and attract international investors.
Bitkub may aim to raise approximately $200 million through the Hong Kong IPO. Such a listing could provide the company with greater visibility on the global stage and allow it to expand its reach beyond Thailand. The exchange has not yet publicly commented on the plans, and discussions remain fluid, but a potential listing could happen as early as next year.
Hong Kong is positioning itself as a growing hub for digital assets in Asia. The city has introduced a formal licensing system for crypto exchanges and is preparing additional regulations to attract both retail and institutional investors. These steps make it a more supportive environment for cryptocurrency companies, especially compared to Thailand, which is tightening oversight of the local crypto sector.
The move would also support Hong Kong’s broader goal of diversifying its IPO market. In recent years, first-time share sales in the city have increased, with 2025 expected to see the highest IPO proceeds in four years, projected to surpass $40 billion. By listing in Hong Kong, Bitkub could become part of this growing wave of international and tech-focused listings.
Bitkub is not the only crypto company pursuing public listings. In 2025, several digital asset firms have gone public or filed for IPOs, including Circle, Etoro, BitGo, Galaxy Digital, Gemini, tZero, and Figure Technology Solutions. This trend shows increasing confidence in the digital asset market and growing interest from traditional investors.
While Thailand continues to develop its crypto ecosystem, such as creating a regulatory sandbox for foreign tourists to convert crypto into local currency, challenges remain. Market volatility and stronger regulatory oversight have made the local environment less favorable for large-scale listings.
By considering a Hong Kong IPO, Bitkub seeks to navigate these challenges while positioning itself as a prominent player in the global crypto market. The potential move highlights the growing importance of international markets for Southeast Asian crypto companies and reflects broader trends in the industry toward global expansion and public investment.
Publicly-traded firms in the blockchain ecosystem like Canaan Inc. (NASDAQ: CAN) will be keeping track of the steps that Bitkub takes on its journey to its IPO. The success of the IPO will be a win for the wider digital assets industry.
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