Thailand’s top digital asset platform Bitkub is reportedly evaluating a plan to pursue an IPO in Hong Kong, aiming to raise about $200 million, according to Bloomberg sources.
The discussions are still in early stages, and the timing—potentially as soon as next year—could shift as details are finalized, the people said.
Established in 2018, Bitkub had previously considered listing on Thailand’s stock exchange. However, the country’s sluggish equity market has hindered those plans. Thailand has been among the weakest performers globally this year, with new listings down more than 12% in 2025 and the benchmark index falling around 10%.
Even so, Bitkub remains the largest crypto exchange in Thailand, recording $60.75 million in 24-hour trading volume, data from CoinGecko shows.
Hong Kong, meanwhile, has been stepping up efforts to attract digital-asset businesses, supported by clearer regulatory direction from the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) as it seeks to strengthen its position as a regional crypto hub.
