Thailand-based crypto exchange Bitkub is considering an initial public offering in Hong Kong, according to people familiar with the matter who spoke with Bloomberg. The move could raise around $200 million, possibly as early as next year.
Talks are still underway, and the plan may change as discussions progress.
Bitkub, launched in 2018, had earlier looked at listing in Thailand. However, the weak performance of the local market postponed the plan. Thailand’s exchange has struggled this year. New listings are down more than 12% in 2025 with the benchmark index falling about 10%. Despite the market drag, Bitkub remains the top crypto exchange in the country. It posted a 24-hour trading volume of $60.75 million.
Hong Kong’s Growing Appeal for Digital Asset Firms
Hong Kong has been working to position itself as a leading center for digital assets in Asia. Authorities have pushed out clear rulebooks through the Securities and Futures Commission and the Hong Kong Monetary Authority, giving firms firmer ground to plan long-term moves.
In May, while the United States was still debating its stablecoin rules, Hong Kong’s Legislative Council passed the Stablecoin Bill in its third reading. This step placed the city ahead of many global peers in setting standards for stablecoin oversight. It drew attention from firms looking for clearer policy direction.
New Fintech Push Adds Momentum
Earlier this month, the HKMA set out a new plan aimed at strengthening the city’s digital finance scene. The “Fintech 2030” roadmap is designed to support growth in tokenization, payments, and financial research over the next five years.
For exchanges such as Bitkub, Hong Kong’s policy direction, combined with its aim to attract global digital finance businesses, may offer a more supportive environment than their home market.
If Bitkub moves forward with the listing, it would mark one of the most notable crypto-related IPO efforts in the region. It would suggest shifting interest toward markets with clearer rules around digital assets.