Bitkub’s IPO Considerations
Thailand’s largest cryptocurrency exchange, Bitkub, is considering going public with an initial public offering (IPO) outside the country, primarily eyeing the Hong Kong market. This decision comes amidst significant challenges in the local stock market, which recently hit a five-year low, according to Bloomberg sources. The company aims to raise around $200 million through this potential IPO.
Market Context and Challenges
Established in 2018, Bitkub currently sees a daily trading volume of approximately $66 million, as per CoinGecko’s tracking. Although there were initial plans for an IPO in Thailand with a target launch year of 2025, those plans have been complicated by persistent market volatility and uncertainty. The Stock Exchange of Thailand (SET) has faced substantial declines, with its main index dropping 10% year-to-date and being identified as one of the worst-performing stock markets in Asia amid increased political tensions with Cambodia and growing trade concerns.
Comparative Market Performance
While many other Asian markets experienced considerable gains, with South Korea and Hong Kong reporting growth rates of 27% and 20% respectively in the first half of 2025, Thailand’s stock sector has been troubled, leading to over 100 billion Thai baht (equivalent to $3 billion) net sold by foreign investors in the past 10 months.
Hong Kong’s IPO Landscape
In contrast, Hong Kong’s exchange has captured considerable attention for IPOs, raising $216 billion Hong Kong dollars ($27.8 billion) in the same timeframe—a significant increase of 209% compared to the previous year. This surge in activity reflects a growing attractiveness for digital asset companies, with various crypto enterprises like Bitcoin Depot also seeking to enter the market. Additionally, the HashKey Group, which operates Hong Kong’s leading licensed crypto exchange, has announced plans to file for its own IPO, targeting a fundraising goal of $500 million for a 2026 listing.
Future Prospects for Bitkub
As Bitkub approaches this potential international venture, inquiries directed to the company regarding their IPO plans in Hong Kong had not received a response at the time this report was prepared. The possibility of a Bitkub listing is indicative of Hong Kong’s strategy to enhance its appeal to non-Chinese companies and diversify its trading portfolio in the rapidly evolving digital asset realm.
