Thailand’s dominant crypto exchange Bitkub is exploring a plan to launch an IPO in Hong Kong, targeting a capital raise of about $200 million, Bloomberg reported, citing people with knowledge of the matter.
The prospective listing could happen as soon as next year, though the sources emphasized that discussions are still underway and the final terms remain subject to change.
Founded in 2018, Bitkub had previously weighed a domestic IPO, but Thailand’s sluggish equity market has complicated those plans. The country’s stock market has ranked among the worst globally this year, with new listings dropping more than 12% in 2025 and the benchmark index slipping roughly 10%.
Still, Bitkub continues to dominate Thailand’s digital asset space, registering $60.75 million in 24-hour trading volume, according to CoinGecko data.
A move to Hong Kong would place Bitkub in a jurisdiction actively courting digital-asset firms, supported by clearer regulatory frameworks introduced by the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) as the city works to strengthen its role as a regional crypto center.
