Thai Crypto Exchange Bitkub Considers Hong Kong IPO Amidst Thailand's Market Decline

Thai Crypto Exchange Bitkub Weighs Hong Kong IPO as Thailand’s Market Slumps

Thai cryptocurrency exchange Bitkub is evaluating the possibility of an initial public offering (IPO) in Hong Kong. This decision comes as Thailand's stock market faces difficulties, and it could further enhance Hong Kong’s ambition to become a leading digital asset hub in Asia.

Key Takeaways:

Bitkub is considering a Hong Kong IPO due to the challenges faced by Thailand's stock market, which have impacted its potential for a local listing.
The exchange aims to raise approximately $200 million, aligning with Hong Kong's strategy to attract more global crypto and tech companies.
A shift to Hong Kong could offer Bitkub a friendlier regulatory landscape as Thailand tightens its oversight of the crypto industry.

Founded in 2018, Bitkub is one of Thailand's foremost cryptocurrency platforms. Initially, the company looked into listing on the Stock Exchange of Thailand (SET). However, with the Thai market having one of its harshest years recently, Bitkub is now turning its attention to international options, as reported by Bloomberg.

Bitkub Seeks $200 Million Hong Kong IPO as Thai Market Declines

The SET Index has fallen by about 10% in 2025, experiencing an average drop of over 12% from newly listed businesses, which has reduced interest in domestic IPOs. A source indicated that Bitkub might aim for a Hong Kong listing as early as next year, targeting a capital raise of nearly $200 million. These discussions are ongoing, and the company has yet to make a public statement regarding its intentions.

Hong Kong is actively working to restore its place in global finance, particularly by welcoming regulated crypto trading. The city has introduced a formal licensing system for digital asset exchanges and is preparing further regulatory changes to attract both retail and institutional investors.

Despite these efforts, trading volumes in Hong Kong remain quite low compared to other major cryptocurrency hubs. A Bitkub listing could strengthen Hong Kong's wider initiative to diversify its IPO offerings beyond Chinese firms. Bloomberg Intelligence projects that first-time share sales in Hong Kong could reach their highest level in four years, with expected proceeds exceeding $40 billion in 2025.

With increasing regulatory scrutiny and a challenging market landscape in Thailand, a Hong Kong IPO could provide Bitkub with a more favorable market environment and enhanced visibility among global investors. In July, Thailand's Securities and Exchange Commission (SEC) and the Bank of Thailand announced plans to introduce a regulatory crypto sandbox that would allow foreign tourists to convert their crypto assets into local currency (baht) for spending.

Rising Interest in Crypto IPOs

In recent developments, tZero Group, a blockchain infrastructure firm based in New York that focuses on tokenized securities and real-world assets, announced plans to go public in 2026. This follows BitGo’s official filing for an initial public offering, marking it as the first dedicated crypto custodian to seek a listing on a U.S. stock exchange.

BitGo's IPO filing is part of a resurgence in crypto-related public offerings. The cryptocurrency space has witnessed several significant public listings in 2025. Notably, Circle, a stablecoin issuer, made headlines with its IPO in June, seeing a surge of over sevenfold since its public debut. Online trading platform Etoro, which includes cryptocurrency trading among its services, launched in May. Meanwhile, Galaxy Digital, led by Mike Novogratz, shifted its listing from the Toronto Stock Exchange to Nasdaq earlier this year. Recently, Figure Technology Solutions Inc., a blockchain-centric lending platform, raised $787.5 million in its initial public offering, indicating strong market enthusiasm for crypto ventures.

As the crypto sector evolves, solid interest in IPOs continues to grow, showcasing the potential for companies like Bitkub to thrive on international stages.