Bitkub Chooses Hong Kong's Regulatory Clarity Over Thailand's Market Turmoil

Bitkub, Thailand's largest cryptocurrency exchange, is reportedly preparing for an initial public offering (IPO) in Hong Kong as local equity markets struggle to a five-year low. The exchange, which processes around $66 million in daily trading volume, aims to raise $200 million through the listing, according to Bloomberg, citing unnamed sources. This shift marks a pivot from earlier plans to list in Thailand, where the Stock Exchange of Thailand (SET) has fallen 10% this year amid political tensions and trade uncertainties according to Bloomberg.

The decision underscores Hong Kong's growing appeal as a digital-asset hub. The city's financial authorities have implemented a robust regulatory framework, including a licensing regime for crypto platforms and a sandbox for stablecoins, while its IPO market has surged 209% year-to-date, raising $27.8 billion in the first 10 months of 2025. Bitkub's CEO, Jirayut Srupsrisopa, previously highlighted the company's intent to boost global visibility by expanding beyond Thailand, stating, "We are committed to venturing into new markets with our innovative solutions".

Thailand's stock market, in contrast, has been one of Asia's worst performers in 2025. The SET Index, which tracks all listed equities, has slumped to a five-year low, with foreign investors offloading Thai assets at a net rate of over $3 billion in the first 10 months of the year. This underperformance has delayed Bitkub's domestic listing ambitions, which were initially targeted for 2025. Meanwhile, Hong Kong's market has outpaced regional peers, with South Korea and Hong Kong itself seeing 27% and 20% gains in the first half of 2025, respectively.

Hong Kong's regulatory momentum further positions it as a competitive destination. The city's Legislative Council passed the Stablecoin Bill in May 2025, setting global standards for stablecoin oversight, and recently launched the "Fintech 2030" roadmap to bolster digital finance innovation according to The Coin Rise. For Bitkub, the move aligns with broader regional trends: Hong Kong has also seen interest from other crypto firms, including its largest local exchange, HashKey, which is reportedly mulling an IPO according to Bloomberg.

If successful, Bitkub's listing would be one of the most significant crypto-related IPOs in Asia and signal a shift toward markets with clearer regulatory frameworks. The exchange's potential $200 million raise would further diversify Hong Kong's IPO landscape, which has seen a four-year high in proceeds this year.