Hong Kong's Crypto Hub Ambitions Face Make-or-Break Test via Bitkub IPO

Thailand's largest cryptocurrency exchange, Bitkub, is reportedly preparing for an initial public offering (IPO) in Hong Kong, aiming to raise approximately $200 million as early as 2026, according to multiple sources.

Bitkub, founded in 2018, had previously explored a domestic listing on Thailand's Stock Exchange of Thailand (SET) but shelved the plan due to the market's poor performance. The SET Index has plummeted over 24% year-to-date through November 2025, making it one of the worst-performing equity markets in Asia. Political tensions with Cambodia, trade uncertainties, and sustained foreign investor outflows—exceeding $3 billion in Thai equities in the first 10 months of 2025—have further dampened domestic investor sentiment according to analysis.

Hong Kong, by contrast, has emerged as a more attractive option. The city's IPO market is on track for a four-year high in 2025, with proceeds potentially exceeding $40 billion, driven by regulatory reforms and a push to attract non-Chinese listings. Hong Kong regulators have introduced a licensing framework for crypto platforms, sandboxed stablecoin experiments, and recently enabled local exchanges to share global order books with overseas counterparts, enhancing liquidity. These measures align with Bitkub's stated goal of expanding its global footprint, as outlined by CEO Jirayut Srupsrisopa in a February 2024 shareholder letter.

The potential listing would bolster Hong Kong's efforts to diversify its capital markets. While the city's crypto trading activity remains muted, its first-time share sales have surged 209% year-to-date through October 2025, raising $27.8 billion. Bitkub's IPO would join other crypto-related listings, including HashKey Group's planned $500 million offering, signaling a growing appetite for digital-asset exposure in the region.

However, challenges persist. According to Chainalysis, Hong Kong's crypto market still lags behind its regulatory ambitions, with token transaction volumes rising less than 10% year-over-the-past 12 months. Meanwhile, Bitkub's decision remains contingent on regulatory approvals and market conditions, with details subject to change.

The shift highlights a broader trend of Asian crypto firms seeking listings in jurisdictions with clearer regulatory frameworks. As Thailand's market continues to struggle and Hong Kong refines its crypto policies, Bitkub's IPO could serve as a litmus test for the city's viability as a regional capital-raising hub for digital assets.