Thai cryptocurrency exchange Bitkub is exploring a potential initial public offering in Hong Kong, according to sources familiar with the matter, as the Bangkok-based platform seeks a more favorable market amid domestic challenges.
Founded in 2018, Bitkub is among Thailand’s largest crypto exchanges and had previously considered a listing on the Stock Exchange of Thailand (SET). However, with the Thai market underperforming this year, the company is now reportedly looking overseas for an IPO that could raise around $200 million. The discussions remain private, and Bitkub has not publicly confirmed the plans.
Hong Kong as a crypto-friendly listing venue
Hong Kong has been actively promoting itself as a hub for digital-asset businesses, rolling out a regulatory framework for licensed crypto exchanges and planning additional rules to attract both retail and institutional investors. A successful Bitkub IPO would support the city’s broader aim to diversify its initial public offering pipeline beyond Chinese companies.
First-time share sales in Hong Kong are projected to reach their highest levels in four years, with proceeds expected to exceed $40 billion in 2025, according to Bloomberg Intelligence. While trading volumes in the city’s crypto sector remain modest compared with other global hubs, the move could give Bitkub higher visibility among international investors.
Weakness in Thai markets
Thailand’s SET Index has fallen roughly 10% in 2025, and new domestic IPOs have averaged declines of over 12%, reducing appetite for local share sales. A Hong Kong listing may therefore offer Bitkub a more favorable market environment, with access to international capital and increased investor confidence.
Thailand’s regulators have recently taken steps to support crypto activity, including plans for a regulatory sandbox to allow foreign tourists to convert digital assets into baht for local spending, announced jointly by the Securities and Exchange Commission and the Bank of Thailand in July.
Crypto IPO momentum globally
Bitkub’s plans come amid renewed interest in crypto-related public listings worldwide. U.S.-based tZero Group and crypto custodian BitGo have recently filed for IPOs, while stablecoin issuer Circle, trading platform Etoro, and Galaxy Digital have all completed public listings this year. Gemini, led by the Winklevoss twins, filed confidentially for a U.S. IPO, and Figure Technology Solutions raised $787.5 million in its offering.
The series of listings reflects growing confidence in the digital asset sector, despite uneven market conditions across regions.