Bitkub's $200M IPO Fuels Hong Kong's Crypto Hub Ambitions

Thailand's Bitkub, the country's largest cryptocurrency exchange, is reportedly pursuing an initial public offering (IPO) in Hong Kong, aiming to raise $200 million as early as next year. The move underscores the exchange's strategic pivot away from its domestic market, which has seen prolonged volatility, and aligns with Hong Kong's growing ambitions to solidify its position as a global digital-asset hub.

Bitkub had previously considered a 2025 IPO in Thailand but reportedly shelved the plan due to the Thai stock market's underperformance. The Stock Exchange of Thailand (SET) has fallen about 10% this year, slumping to a five-year low amid political tensions with Cambodia and foreign investor outflows totaling over $3 billion in the first 10 months of 2025. The exchange's decision to target Hong Kong reflects broader regional trends: while most Asian markets, including South Korea and Hong Kong, posted gains in the first half of 2025, Thailand's equity market remains one of the region's weakest.

Hong Kong's regulatory environment has emerged as a key draw for Bitkub. The city has introduced a structured licensing regime for crypto platforms, passed stablecoin legislation, and launched tokenized bank deposit frameworks, creating a fertile ground for digital-asset innovation. Authorities have also relaxed rules to attract listings, with the Hong Kong Stock Exchange raising $27.8 billion from IPOs in the first 10 months of 2025 - nearly triple the year-ago figure. Bitkub's potential listing would further bolster Hong Kong's efforts to diversify its IPO pipeline, particularly from non-Chinese mainland companies.

The exchange's CEO, Jirayut Srupsrisopa, highlighted the IPO as a step to "expand our reach beyond Thailand" in a 2024 shareholder letter, signaling a long-term strategy to enhance global visibility. With $66 million in daily trading volume, Bitkub remains Thailand's dominant crypto platform, but its leadership appears to be prioritizing stability and regulatory clarity over domestic market conditions.

Hong Kong's aggressive fintech initiatives, including the "Fintech 2030" roadmap, are designed to support tokenization and digital finance innovation over the next five years. These measures have already attracted major players like Bitcoin Depot, the world's largest Bitcoin ATM operator, and could position the city as a regional competitor to Singapore and the U.S. in the crypto space. Bitkub's IPO, if realized, would mark one of the most significant crypto-related public offerings in Asia and signal a shift in investor confidence toward markets with clearer regulatory frameworks.