Thai Crypto Giant Bitkub Eyes $200M Hong Kong IPO - Southeast Asia’s Digital Asset Gateway Expands Global Reach

Bitkub Capital Group, Thailand's dominant cryptocurrency exchange, is reportedly preparing for a landmark $200 million initial public offering in Hong Kong.

The Strategic Move

This potential listing positions Bitkub as the first major Southeast Asian crypto exchange to tap into Hong Kong's increasingly crypto-friendly regulatory environment. The move comes as traditional financial hubs compete to attract digital asset businesses - because nothing says 'we're serious about innovation' like chasing after other jurisdictions' regulatory frameworks.

Market Implications

A successful $200 million IPO would not only validate Bitkub's dominant position in Thailand's burgeoning crypto market but could trigger a wave of similar listings from regional exchanges. The timing suggests confidence in both Asian retail investor appetite and Hong Kong's pivot toward embracing digital assets.

Regional Expansion Play

This listing represents more than just capital raising - it's a strategic gateway for Bitkub to expand beyond Thailand's borders while leveraging Hong Kong's established financial infrastructure and growing crypto ecosystem. Because sometimes the best way to conquer your local market is to get validation from someone else's.

Shift from Thailand to Hong Kong

Founded in 2018, Bitkub had earlier explored listing at home, but Thailand’s market conditions have turned increasingly unattractive for new-age companies. 

The country’s stock market has been among the worst-performing in 2025, with listings showing a weighted average decline of more than 12%. The SET Index itself has dropped about 10% this year, weakening investor appetite for tech and crypto-related listings.

Against that backdrop, Hong Kong offers a more promising runway. One person familiar with the matter said Bitkub may launch the IPO as early as next year to raise about $200 million, though the plans are still fluid and could change. 

Those involved in the talks requested anonymity because the discussions aren’t public. Bitkub declined to comment.

Hong Kong’s push to regain momentum

The city has spent the past year easing rules to encourage crypto trading and has introduced a licensing framework for digital-asset platforms. Activity remains muted for now, but Hong Kong has made it clear it wants to position itself as Asia’s next crypto center. 

A foreign exchange like Bitkub choosing Hong Kong WOULD be a notable win, especially as the exchange seeks more listings from beyond mainland China.

First-time share sales in Hong Kong are already heading for a four-year high, with proceeds potentially topping $40 billion, according to Bloomberg Intelligence. A Bitkub listing would add a high-visibility name to that momentum and signal confidence in Hong Kong’s revamped market approach.

A regional trend taking shape

The MOVE comes as other Asian crypto platforms consider tapping public markets. Hong Kong’s biggest digital-asset exchange, HashKey, is also said to be weighing its own IPO. 

Together, these signals suggest crypto firms are increasingly looking for regulated but supportive financial centers to raise capital — and Hong Kong is trying hard to be that place.

For Bitkub, the decision marks more than a fundraising exercise. It reflects a broader attempt to reposition itself from a dominant local exchange in Thailand to a more regionally recognized player at a time when competition across Asia is picking up.

Also Read: Kraken Submits Confidential Draft IPO Filing to the SEC