Thailand's largest cryptocurrency exchange, Bitkub, is considering an overseas initial public offering (IPO) due to a sluggish local stock market.
Bloomberg reported on Monday, citing unnamed sources, that Bitkub plans a potential IPO in Hong Kong to raise $200 million.
Founded in 2018, Bitkub has a daily trading volume of approximately $66 million, according to CoinGecko data.
The exchange had previously considered an IPO in Thailand, aiming for a public listing in 2025, but it has reportedly been shelved due to volatility and uncertainty in the Thai stock market.
Due to political disputes with Cambodia and potential trade threats, the Thai stock market has become one of the most volatile markets in Asia by 2025.
Thailand's only stock exchange, the Stock Exchange of Thailand (SET), saw its index drop 10% this year, reportedly hitting a five-year low in the first half of the year, making it one of the worst-performing markets in Asia.
Despite the stock market rising for two consecutive months, foreign investors have reportedly continued to sell Thai stocks this year, with net sell positions totaling over 100 billion baht ($3 billion) in the first ten months of 2025.
Most Asian stock exchanges performed strongly in the first half of 2025, with South Korea and Hong Kong leading with growth rates of 27% and 20%, respectively.
Amid a continuing IPO boom, Bitkub's potential listing would expand the Hong Kong Stock Exchange's efforts to attract non-Chinese companies to list in the region.
According to data from the Hong Kong Stock Exchange, Hong Kong raised HK$216 billion ($27.8 billion) through IPOs in the first ten months of 2025, a year-on-year increase of 209%.
Hong Kong has become a rapidly expanding market for digital assets, attracting several crypto companies, including Bitcoin Depot, the world's largest Bitcoin ATM operator.
In October, HashKey Group, the owner of a top licensed crypto exchange in Hong Kong, reportedly submitted an IPO application, planning to raise $500 million, with an expected listing in 2026. This potential listing would be one of the first public offerings for a local crypto company.
Cointelegraph reached out to Bitkub regarding its potential IPO in Hong Kong, but had not received a response by the time of publication.
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Original article: “Reportedly, as the Thai market hits a five-year low, Bitkub exchange is considering an IPO in Hong Kong”
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