Bitkub Shifts IPO to Hong Kong as Thailand's Market Hits Five-Year Lows

Bitkub, Thailand's largest cryptocurrency exchange, is weighing a Hong Kong initial public offering (IPO) to raise up to $200 million, a move that could bolster the city's ambitions to become a regional digital-asset hub. The exchange had previously explored a domestic listing but shifted plans due to the Thai stock market's poor performance, which has slumped to a five-year low in 2025.

The Thai equity market, tracked by the SET Index, has dropped 10% year-to-date, making it one of the worst-performing Asian markets amid political tensions with Cambodia and trade uncertainties. Foreign investors have sold Thai equities worth over $3 billion in the first 10 months of 2025, exacerbating the downturn. Bitkub's CEO, Jirayut Srupsrisopa, stated in a 2024 shareholder letter that the company aims to expand its global reach through a Hong Kong listing, citing the city's regulatory clarity and growing crypto infrastructure.

Hong Kong has positioned itself as a competitive alternative for crypto firms, easing regulations and establishing licensing frameworks for digital-asset platforms. The city's IPO market is booming, according to Bloomberg Intelligence, with proceeds from first-time share sales projected to exceed $40 billion in 2025-a four-year high. Bitkub's potential listing would align with Hong Kong's strategy to attract non-Chinese companies and diversify its financial ecosystem. The exchange has also launched spot crypto ETFs and tokenized bank deposit frameworks, signaling its commitment to fostering innovation.

The decision reflects broader trends in Asia's crypto sector, where companies are increasingly seeking capital in markets with supportive regulatory environments. HashKey, Hong Kong's largest crypto exchange, is also reportedly considering an IPO, highlighting the region's competitive landscape. For Bitkub, the shift from Thailand to Hong Kong underscores the challenges of capital-raising in a domestic market plagued by volatility. The SET Index's weighted average decline of over 12% for new listings in 2025 has discouraged firms from pursuing local public offerings.

Bitkub's 24-hour trading volume of $60.75 million, as of CoinGecko data, positions it as a key player in Southeast Asia's crypto market. A successful Hong Kong IPO could enhance its global visibility and provide liquidity to fund expansion into new markets. However, details remain fluid, with sources noting that the timeline and structure of the offering could evolve as discussions continue according to reports.