November 27, 2025<\/p>\n\n\n\n
By Our Correspondent<\/p>\n\n\n\n
Bitkub, Thailand\u2019s leading cryptocurrency exchange, is exploring a USD 200 million initial public offering (IPO) in Hong Kong as early as 2026 \u2014 a move that underscores both Hong Kong\u2019s rapid ascent as a digital-asset hub and the mounting pressures within Thailand\u2019s capital markets.<\/p>\n\n\n\n
The shift marks a major pivot from Bitkub\u2019s 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\u2019s equity markets derailed those ambitions.<\/p>\n\n\n\n
Thailand\u2019s SET Index has plunged nearly 30% this year to 550.43, making it one of 2025\u2019s 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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
The timing aligns with Hong Kong\u2019s accelerating embrace of digital assets. Tokenized-asset and crypto-related bank transactions surged to HKD 26.1 billion in the first half of 2025 \u2014 a 233% year-on-year jump.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
Bitkub\u2019s potential Hong Kong listing would mark a defining moment for Southeast Asia\u2019s crypto industry \u2014 not only highlighting Hong Kong\u2019s rising dominance, but also signaling how market forces and regulation are reshaping regional digital-asset strategies.<\/p>\n\n\n\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
November 27, 2025 By Our Correspondent Bitkub, Thailand\u2019s leading cryptocurrency exchange, is exploring a USD 200 million initial public offering (IPO) in Hong Kong as early as 2026 \u2014 a move that underscores both Hong Kong\u2019s rapid ascent as a digital-asset hub and the mounting pressures within Thailand\u2019s capital markets. The shift marks a major […]<\/p>\n","protected":false},"author":4,"featured_media":9180,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-9370","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-uncategorized"},"yoast_head":"\n