Bitkub, Thailand’s biggest cryptocurrency exchange, is considering an initial public offering (IPO) abroad amid a downturn in the local stock market.
Bitkub is planning to raise $200 million as part of a potential IPO in Hong Kong, Bloomberg reported on Monday, citing unidentified sources familiar with the matter.
Founded in 2018, Bitkub trades about $66 million daily, according to CoinGecko data.
The exchange had considered an IPO in Thailand, targeting a public launch in 2025, which has reportedly been stalled because of volatility and uncertainty in the Thai stock market.
Thailand’s benchmark index fell to five-year low in 2025
Thailand’s equity market has emerged as one of the most volatile Asian markets in 2025 amid political disputes with Cambodia and looming trade threats.
The Stock Exchange of Thailand (SET), the country’s sole stock exchange, has seen its index drop 10% this year, reportedly slumping to a five-year low in the first half of the year, making it one of the worst-performing markets in Asia.
Despite two consecutive months of stock market gains, foreign investors reportedly continued to offload Thai equities this year, with net selling positions totaling more than 100 billion Thai baht ($3 billion) in the first 10 months of 2025.
Most Asian stock exchanges saw robust gains in H1 2025. South Korea and Hong Kong topped the trend with growth of 27% and 20%, respectively.
Hong Kong IPOs booming with $28 billion raised
Bitkub’s potential listing would expand the Hong Kong exchange’s attempts to attract more listings by non-Chinese companies amid an ongoing IPO boom.
According to the Hong Kong Stock Exchange, Hong Kong raised $216 billion Hong Kong dollars ($27.8 billion) from IPOs in the first 10 months of 2025, an increase of 209% from the same period last year.
Hong Kong has become a rapidly expanding market for digital assets, attracting a number of crypto companies, including the world’s largest Bitcoin ATM operator, Bitcoin Depot.
Related: Crypto bank AMINA gets Hong Kong license to launch institutional trading
In October, HashKey Group, the owner of Hong Kong’s top licensed crypto exchange, reportedly filed for an IPO, planning to raise $500 million for a listing expected in 2026. The potential listing would mark one of the first public listings by a local crypto company.
Cointelegraph approached Bitkub for comment regarding its potential IPO listing in Hong Kong, but had not received a response by the time of publication.
