November 27, 2025
By Our Correspondent
Bitkub, Thailand’s leading cryptocurrency exchange, is exploring a USD 200 million initial public offering (IPO) in Hong Kong as early as 2026 — a move that underscores both Hong Kong’s rapid ascent as a digital-asset hub and the mounting pressures within Thailand’s capital markets.
The shift marks a major pivot from Bitkub’s earlier plans. According to a 2023 shareholder letter, the company had initially targeted a domestic listing. By April 2024, it was already hiring financial advisors for a 2025 IPO on the Stock Exchange of Thailand, Bloomberg reported. But a steep downturn in Thailand’s equity markets derailed those ambitions.
Thailand’s SET Index has plunged nearly 30% this year to 550.43, making it one of 2025’s worst-performing markets. Newly listed Thai companies have also suffered, with a weighted average decline of about 12%. Amid this volatility, Bitkub has begun evaluating offshore options. Discussions are ongoing, and the final decision could still evolve, sources told Bloomberg.
If Bitkub proceeds, it would join a growing cohort of crypto players gravitating toward Hong Kong. HashKey Group, another digital-asset heavyweight, has already filed for its own Hong Kong IPO, aiming to raise around USD 500 million as early as this year.
The timing aligns with Hong Kong’s accelerating embrace of digital assets. Tokenized-asset and crypto-related bank transactions surged to HKD 26.1 billion in the first half of 2025 — a 233% year-on-year jump.
Thailand, despite its stock-market struggles, is also pushing forward on crypto adoption. The Ministry of Finance has introduced a five-year capital-gains tax exemption on crypto sales executed through Thai SEC-licensed platforms, effective January 1, 2025, to December 31, 2029. The government estimates the measure could generate roughly USD 1 billion in annual economic activity.
Bitkub’s potential Hong Kong listing would mark a defining moment for Southeast Asia’s crypto industry — not only highlighting Hong Kong’s rising dominance, but also signaling how market forces and regulation are reshaping regional digital-asset strategies.
