Thai Crypto Firm Bitkub Plans Hong Kong IPO Amid Market Slump
- Bitkub seeks a $200 million Hong Kong IPO to expand beyond Thailand’s markets.
- Listing targets wider investor access and stronger institutional capital support.
- Hong Kong’s crypto-friendly stance drives Bitkub’s strategic international shift.
Thai cryptocurrency exchange Bitkub is weighing an initial public offering in Hong Kong, according to people familiar with the talks. The move could raise about $200 million and would mark one of the largest overseas listings by a Thai digital-asset firm. The plan is not final and still depends on market conditions and regulators.
Bitkub Considers Hong Kong IPO To Fund Regional Growth
Bitkub, founded in Bangkok in 2018, has become Thailand’s biggest centralized crypto exchange by local trading volume. According to sources, the company is studying Hong Kong as a listing venue and may file as early as 2026. The target raise sits around $200 million, though bankers and advisors have not locked in terms.
Executives have signaled interest in offering cross-border services before. In a 2024 shareholder letter, Bitkub said it wanted to expand beyond Thailand and improve global visibility. A Hong Kong IPO would give the firm access to international capital and a deeper base of institutional investors, if it proceeds.
Weak Thai Equity Market Dampens Local Listing Path
Bitkub previously explored a domestic IPO, but Thailand’s stock market has struggled in 2025. Thai listings, reportedly, have generated a weighted average fall of more than 12% this year, while the SET Index has dropped about 10% in 2025. The sluggish market has complicated timing for growth firms aiming for public valuations.
The exchange has also faced a shifting local environment for digital assets. Thailand’s regulators have encouraged licensed trading and recently approved tax relief for crypto gains through 2029, yet public-market sentiment remains cautious. Analysts say the mismatch between strong retail crypto adoption and weak equity returns has pushed firms like Bitkub to look abroad for listing momentum.
Related: Thailand Starts TouristDigiPay Sandbox for Crypto Use in Tourism
Hong Kong Crypto Regulations and Strong IPO Market Attract Issuers
Hong Kong has spent the past two years building a licensing regime for virtual-asset trading platforms and courting global issuers. In early November, the Securities and Futures Commission said licensed exchanges can link to overseas affiliates through shared order books, which should improve liquidity and price discovery for local users. The city also plans a stablecoin sandbox and other tokenisation pilots.
The capital markets backdrop in Hong Kong has improved, too. First-time share sales in the city are on track for a four-year high in 2025, with total proceeds that may top $40 billion, according to Bloomberg Intelligence. A Bitkub float would add another non-Chinese technology listing to that pipeline and could support Hong Kong’s goal of becoming a regional digital assets hub.
For Bitkub, the choice of Hong Kong brings both opportunity and new requirements. The firm would need to meet Hong Kong listing standards and crypto compliance checks while it enters a market that still sees less spot trading than Singapore or the United States. Hong Kong-based HashKey Group has also explored an IPO in the city, showing rising investor interest in regulated crypto businesses.
Investors will likely focus on Bitkub’s revenue mix, custody practices, and exposure to retail flows in Thailand. They will also watch how fast Hong Kong’s shared-liquidity rules lift local trading volumes. Any final decision on venue and timing will emerge after the firm finishes internal reviews and consults regulators.
