Bitkub, the largest crypto exchange in Thailand, is studying an IPO in Hong Kong with an approximate target of $200 million and a time horizon for 2026, a move emerging as the local stock market hits five-year lows. The plan reflects Bitkub’s need to access a deeper, more stable and more predictable capital market than Thailand’s.
Hong Kong emerges as the preferred route for listing
The local environment has weighed heavily on Bitkub’s strategy. The SET index has fallen to five-year lows, and the Thai market has retreated 10–12% so far in 2025. Thai IPOs have also struggled, with average post-listing drops of more than 12%, hurting investor confidence and reducing enthusiasm for local listings. Given that Bitkub commands over 80% of Thailand’s crypto trading volume and has more than 5 million registered users, the search for greater market depth outside Thailand is increasingly strategic.
Hong Kong, by contrast, has shown a sharp recovery in its IPO market, with funds raised in early 2025 multiplying sevenfold versus the previous year. The city has built a clearer regulatory framework for digital assets: licenses for trading platforms, Bitcoin and Ethereum spot ETFs, stablecoin sandboxes, and initiatives to share liquidity among licensed firms. These elements provide operational clarity and access to larger institutional flows, reasons Bitkub’s leadership cites for favoring Hong Kong.
A Hong Kong listing would give the exchange access to institutional capital, a broader investor base, and improved liquidity conditions. It could also support Bitkub’s regional ambitions. “We are committed to expanding our reach beyond Thailand,” said CEO Jirayut Srupsrisopa, signaling the company’s intent to internationalize and position itself as a regional infrastructure player.
Still, notable risks remain. Regulatory shifts, valuation challenges and market-perception risks could affect the success of the deal, and expanding abroad may raise governance and compliance complexity. An IPO in Hong Kong does not eliminate the uncertainties of operating in a fast-moving regulatory environment.
Bitkub aims to raise around $200 million through a 2026 Hong Kong IPO, an approach that underscores its search for a more favorable ecosystem amid Thailand’s market weakness and its ambition to secure a stronger institutional footprint in Asia.