Bitkub Eyes Hong Kong IPO as Thai Market Downturn Stalls Local Listing Plans
Quick Breakdown
- Thailand’s largest crypto exchange is weighing a $200M IPO in Hong Kong.
- Volatile Thai markets and a five-year SET Index low stall the local debut.
- Hong Kong’s booming IPO scene and crypto-friendly stance attract Bitkub.
Bitkub considers overseas listing amid Thai market turmoil
Bitkub, Thailand’s largest cryptocurrency exchange, is exploring an initial public offering (IPO) abroad amid weak market conditions that continue to weigh on local investor sentiment. According to a Bloomberg report citing people familiar with the matter, the company is targeting about $200 million in a potential Hong Kong listing.
The move comes after Bitkub’s earlier plan to go public in Thailand in 2025 was put on hold due to heightened volatility and uncertainty in the domestic equities market.
Thai stock market hits five-year low in 2025
Thailand’s stock market has struggled to find stability throughout 2025 amid escalating political tensions with Cambodia and concerns over trade disruptions.
The Stock Exchange of Thailand (SET) has dropped roughly 10% this year, sliding to a five-year low in the first half of 2025, one of the weakest performances in Asia.
Source
:
Thailand Business News
Even after two months of modest recovery, foreign investors remained net sellers, offloading more than 100 billion baht (about $3 billion) in equities during the first 10 months of the year.
This contrasts sharply with broader regional performance: major Asian markets, including South Korea and Hong Kong, saw gains of 27% and 20%, respectively, over the same period.
Hong Kong’s IPO boom draws global crypto firms
For Bitkub, Hong Kong’s surging IPO ecosystem presents a more attractive path. The Hong Kong Stock Exchange reported raising HK$216 billion (around $27.8 billion) from IPOs between January and October 2025, a massive 209% jump from the previous year.
The city has quickly become a hotbed for digital asset companies. Bitcoin Depot, the world’s largest Bitcoin ATM operator, is among the notable crypto firms expanding into the region.
In October, local crypto heavyweight HashKey Group also filed for a public listing, aiming to raise $500 million ahead of a planned 2026 debut, potentially one of the first local crypto IPOs.
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