Thailand’s largest cryptocurrency exchange, Bitkub, is exploring an initial public offering in Hong Kong, potentially raising around $200 million, people familiar with the matter told Bloomberg.
The move could bolster Hong Kong’s ambition to become a leading digital asset hub in the region.
Founded in 2018, Bitkub previously considered an IPO in Thailand.
However, the country’s stock market performance this year proved a hurdle.
Thailand’s stock market has been among the world’s weakest in 2025, with new listings seeing an average decline exceeding 12%, while the SET Index has dropped roughly 10%.
These conditions prompted the exchange to look abroad for a more favourable listing environment.
One source who asked not to be identified as the information is not public said,
“Discussions are ongoing and details could change.”
Bitkub has yet to comment publicly on the proposed listing.
Market observers suggest the IPO could take place as early as next year, signalling the exchange’s intent to tap Hong Kong’s growing appetite for digital assets.
Hong Kong has been actively working to position itself as a regional leader for digital assets, establishing a licensing framework for cryptocurrency platforms and signalling regulatory support from both the Securities and Futures Commission and the Hong Kong Monetary Authority.
First-time share sales in the city are expected to hit a four-year high this year, with proceeds potentially exceeding $40 billion, according to Bloomberg Intelligence.
Bitkub’s listing could further attract non-mainland companies seeking access to Hong Kong’s capital markets.
As Thailand’s largest cryptocurrency exchange, Bitkub recorded a total 24-hour trading volume of $60.75 million, according to Coingecko.
A successful IPO in Hong Kong would not only provide additional capital but also expand its visibility among regional investors, strengthening the city’s broader push to become a digital assets hub.
The discussions around the IPO remain fluid, and market participants will be closely watching how Hong Kong’s evolving regulatory landscape influences Bitkub’s final decision.
Coinlive sees Bitkub’s potential IPO as more than a capital-raising exercise; it signals a shift in how Southeast Asian crypto firms evaluate markets and regulatory clarity.
If successful, this move could position Hong Kong as a preferred gateway for regional exchanges seeking credibility, liquidity, and international investor access.
At the same time, it raises questions about Thailand’s competitiveness in retaining its homegrown digital asset champions amid domestic market challenges and global capital flows.
The listing could redefine regional strategies for crypto exchanges navigating uncertain regulatory and market landscapes.
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