Hong Kong's Crypto Rise Outpaces Thailand as Bitkub Shifts IPO Plans

Bitkub, Thailand's largest cryptocurrency exchange, is preparing to pursue an initial public offering (IPO) in Hong Kong, signaling a strategic pivot as local market conditions sour. The exchange, which processes roughly $60 million to $66 million in daily trading volume, aims to raise $200 million through the offering, potentially as early as 2026. The move follows repeated delays in a domestic listing, as Thailand's equity market has slumped to a five-year low amid political tensions with Cambodia and broader economic uncertainty.

Thailand's benchmark SET Index has fallen over 10% in 2025, with foreign investors offloading $3 billion worth of equities in the first 10 months of the year. The underperformance has discouraged local listings, pushing Bitkub to explore Hong Kong-a market that has raised $27.8 billion in IPO proceeds year-to-date, a 209% surge from 2024. The city's aggressive regulatory framework, including a licensing regime for crypto platforms, has bolstered its appeal as a digital-asset hub.

Hong Kong's push to attract non-Chinese listings aligns with Bitkub's global expansion goals. The exchange's CEO, Jirayut Srupsrisopa, emphasized in a 2024 letter to shareholders that a Hong Kong listing would enhance the firm's international visibility. The city's recent approval of spot Solana ETFs and its planned "Fintech 2030" roadmap-aimed at advancing tokenization and digital payments- further underscore its commitment to crypto innovation.

While details of the IPO remain fluid, the timing reflects broader regional trends. Asian stock markets have diverged sharply in 2025, with South Korea and Hong Kong posting gains of 27% and 20%, respectively, while Thailand languished. Hong Kong's IPO market is on track for a four-year high, with estimated proceeds exceeding $40 billion by year-end. For Bitkub, the listing could position it as a flagship crypto IPO in a region where regulatory clarity and investor appetite are increasingly concentrated.

The decision also highlights the challenges facing Southeast Asian markets. Thailand's stock exchange has seen new listings decline by over 12% on average in 2025, compounding Bitkub's rationale for seeking alternative capital sources. Meanwhile, Hong Kong's regulatory environment-though still nascent in crypto- offers a more predictable landscape, with authorities recently easing token listing requirements and allowing licensed exchanges to access global liquidity pools.

As Bitkub navigates this transition, its IPO could catalyze further interest in Hong Kong's digital-asset ecosystem. The city's efforts to attract firms like Binance and Coinbase, through streamlined licensing and global order-book integration, suggest a long-term strategy to rival U.S. and Singaporean markets. For now, the exchange's plans underscore a shifting calculus for crypto firms in Asia, where regulatory momentum and market performance are reshaping the path to public markets.