Bitkub, a major Thai crypto exchange, may pursue a Hong Kong initial public offering, sources say

Thailand’s largest crypto exchange, Bitkub, is considering an initial public offering (IPO) in Hong Kong as it seeks to raise roughly $200 million, Bloomberg reported, citing people familiar with the matter.

The potential offering, which could take place as early as next year, is still under discussion and may evolve as plans take shape, the sources said.

Bitkub—founded in 2018—had earlier examined the possibility of listing in Thailand. But the weak performance of the local equity market has derailed those efforts. The Thai market has been one of the world’s poorest performers this year, with new listings slumping over 12% in 2025 and the main index down around 10%.

Despite challenging conditions, Bitkub maintains its lead in Thailand’s crypto sector, posting $60.75 million in trading volume over the past 24 hours, according to CoinGecko.

The exchange’s shift toward Hong Kong aligns with the city’s push to bolster its digital-asset ecosystem, supported by clearer guidelines from the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) as it positions itself as a regional hub.