Thailand’s largest crypto exchange eyes a $200 million raise amid Hong Kong’s growing appeal as a digital-asset hub
Thailand-based crypto exchange Bitkub is reportedly evaluating an initial public offering (IPO) in Hong Kong, signaling a major strategic shift as the company seeks a more supportive capital market environment. Sources familiar with the discussions say the listing could target around $200 million, positioning Bitkub among the next wave of Asian digital-asset firms looking to access regional investor demand.
Bitkub Turns to Hong Kong for Expansion
Founded in 2018, Bitkub has grown into Thailand’s largest cryptocurrency exchange, recording over $60 million in 24-hour trading volume based on recent market data.
The company had previously explored the possibility of a domestic IPO, but Thailand’s public markets have been underperforming sharply, dampening investor sentiment.
Thailand’s stock market has ranked among the worst performers globally in 2025, with listings down more than 12% and the main index dropping 10% this year.
This downturn has weighed on the valuations of tech and digital-asset firms, making local fundraising considerably less attractive.
Hong Kong Positions Itself as a Digital-Asset Hub
The move comes as Hong Kong intensifies efforts to attract crypto businesses, supported by policy clarity from the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA).
Regulators have been rolling out a structured licensing regime, aiming to provide the kind of regulatory predictability often lacking in neighboring jurisdictions.
With an improving regulatory landscape and a push to reassert itself as a global financial center, Hong Kong has emerged as a competitive listing destination for crypto-focused firms seeking international capital.
Bitkub’s potential Hong Kong IPO reflects both opportunity and necessity: an attempt to tap into a welcoming digital-asset ecosystem while avoiding the challenges posed by Thailand’s flagging equity market.
If finalized, the listing could mark one of the region’s most significant crypto-exchange IPOs, underscoring Hong Kong’s drive to cement its role as a leading digital-asset hub in Asia.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.