Bitkub Considers Hong Kong IPO Amid Thai Market Downturn

Bitkub Eyes Hong Kong IPO as Thai Market Faces Headwinds

Bitkub, a prominent cryptocurrency exchange based in Thailand, is reportedly weighing an initial public offering (IPO) on an international exchange. This move comes as the Thai domestic stock market experiences a significant downturn, creating an uncertain environment for potential listings. Bloomberg reported on Monday that Bitkub aims to secure $200 million through a potential IPO in Hong Kong, according to sources familiar with the deliberations. Established in 2018, Bitkub has risen to become the dominant crypto exchange in Thailand, facilitating approximately $66 million in daily trading volume, according to CoinGecko data. The exchange had previously considered launching an IPO within Thailand, targeting a 2025 debut. However, these plans have reportedly been hampered by the volatility and lack of stability currently plaguing the Thai stock market.

Thai Stock Market Performance Lags Behind Regional Peers

The Thai equity market has been identified as one of the most unstable markets in Asia during 2025, facing challenges stemming from geopolitical tensions with Cambodia and escalating trade uncertainties. The Stock Exchange of Thailand (SET), the country's primary stock exchange, has witnessed a 10% decline in its index year-to-date. Reports indicate that the index plummeted to a five-year low in the first half of the year, positioning it as one of the worst-performing markets in the Asian region. Despite experiencing gains for two consecutive months, foreign investors have reportedly continued to divest from Thai equities throughout the year. Net selling positions have surpassed 100 billion Thai baht (equivalent to $3 billion USD) in the first ten months of 2025.

Hong Kong Emerges as a Thriving IPO Hub

In contrast, a significant portion of Asian stock exchanges have demonstrated robust growth in the first half of 2025. South Korea and Hong Kong have been at the forefront of this positive trend, recording growth rates of 27% and 20%, respectively. Bitkub's potential listing in Hong Kong would bolster the Hong Kong exchange's efforts to attract a more diverse range of listings, particularly from companies outside of mainland China, amidst a buoyant IPO market. According to data from the Hong Kong Stock Exchange, the exchange raised HK$216 billion (approximately $27.8 billion USD) through IPOs in the first ten months of 2025, marking a substantial 209% increase compared to the corresponding period in the previous year. Hong Kong has rapidly evolved into a thriving hub for digital assets, attracting a growing number of crypto-related businesses, including Bitcoin Depot, the world's largest operator of Bitcoin ATMs. In October, HashKey Group, which owns Hong Kong's leading licensed crypto exchange, reportedly filed for an IPO, with plans to raise $500 million for a listing anticipated in 2026. This potential listing would represent one of the first public offerings by a crypto company within the Hong Kong market. Cointelegraph reached out to Bitkub for comment regarding its potential IPO in Hong Kong, but had not received a response as of publication time.