Bitkub Exchange Considers Hong Kong IPO as Thai Markets Plunge to Five-Year Lows

Bitkub, the largest cryptocurrency exchange in Thailand, is exploring the option of launching an initial public offering (IPO) overseas as the local stock market experiences significant downturns.

Key Takeaways

Bitkub plans to raise $200 million through a potential IPO in Hong Kong.
Founded in 2018, Bitkub handles daily trading volumes of approximately $66 million.
Challenges in Thailand’s stock market have halted its initial plans for a domestic IPO, originally targeting 2025.
The Thai stock market has dropped 10% this year and is facing political unrest and trading tensions.
Hong Kong's IPO market is thriving, having raised $28 billion this year, attracting non-Chinese businesses.

Bitkub exchange eyes Hong Kong IPO as Thai markets slump to 5-year lows: Report

Bitkub's IPO Aspirations

According to a report from Bloomberg, Bitkub aims to secure $200 million as part of its prospective IPO in Hong Kong, citing unnamed sources familiar with the developments. Established in 2018, Bitkub has been reported to trade around $66 million each day, based on data from CoinGecko.

Previously, Bitkub had intended to pursue an IPO in Thailand with plans for a public launch in 2025. However, this plan appears to be on hold due to the current volatility and uncertainty in the Thai stock market.

Thai Stock Market Challenges

Thailand's stock market, marked by escalating political disputes with Cambodia and potential trade threats, has become one of the most unstable markets in Asia in 2025. The Stock Exchange of Thailand (SET), the country's main stock exchange, has seen its index decline by approximately 10% this year, reaching a five-year low during the first half of the year.

Performance of Asian stock exchanges in the first half of 2025. Source: Thailand Business News

Despite experiencing two consecutive months of gains, foreign investors continue to sell off Thai stocks, accumulating net sell-offs exceeding 100 billion Thai baht (around $3 billion) in the first ten months of 2025. In contrast, many other Asian stock exchanges, including those in South Korea and Hong Kong, recorded impressive growths of 27% and 20%, respectively, during the same time frame.

The Thriving IPO Market in Hong Kong

If Bitkub moves forward with its listing, it would contribute to the increasing number of non-Chinese companies seeking listings in Hong Kong, which is currently experiencing an IPO boom. The Hong Kong Stock Exchange reported that it raised an impressive HKD 216 billion (approximately $27.8 billion) from IPOs in the first ten months of 2025, marking a remarkable 209% increase compared to the same period last year.

Thailand’s top crypto exchanges by trust store/trading volumes. Source: CoinGecko

Hong Kong has rapidly evolved into a burgeoning market for digital assets, drawing in various cryptocurrency companies, including Bitcoin Depot, which operates the largest network of Bitcoin ATMs globally.

In October, the HashKey Group, owner of Hong Kong’s leading licensed cryptocurrency exchange, submitted an IPO filing planning to raise $500 million, with a target listing in 2026, making it one of the first public offerings by a local crypto firm.

Cointelegraph reached out to Bitkub for a statement regarding its plans for an IPO in Hong Kong, but had not received a response by the time of this publication.