Exchange Considers International Listing for $200 Million Raise
Bitkub, recognized as one of Thailand's largest cryptocurrency exchanges, is reportedly exploring an initial public offering (IPO) in an international market. This consideration comes as the local stock market experiences a significant downturn.
The exchange is planning to raise approximately $200 million as part of its potential IPO in Hong Kong. This information was reported by Bloomberg on Monday, citing anonymous sources with knowledge of the matter.
Founded in 2018, Bitkub has established itself as the largest crypto exchange in Thailand. According to CoinGecko data, it currently trades around $66 million daily.
Previously, Bitkub had considered an IPO within Thailand, targeting a public launch in 2025. However, this plan has reportedly been stalled due to volatility and uncertainty within the Thai stock market.
Thai Benchmark Index Hits Five-Year Low
Thailand's equity market has emerged as one of the most volatile in Asia during 2025. This volatility is attributed to political disputes with Cambodia and looming trade threats.
The Stock Exchange of Thailand (SET), the country's sole stock exchange, has witnessed its index drop by 10% this year. Reports indicate it slumped to a five-year low in the first half of the year, making it one of the worst-performing markets in Asia.
Despite two consecutive months of stock market gains, foreign investors reportedly continued to offload Thai equities later in the year. Net selling positions exceeded 100 billion Thai baht ($3 billion) in the first 10 months of 2025.
In contrast, a majority of Asian stock exchanges experienced robust gains in the first half of 2025. South Korea and Hong Kong led this trend, with growth rates of 27% and 20%, respectively.
Hong Kong IPO Market Sees Significant Growth
Bitkub's potential listing would align with Hong Kong's efforts to attract more listings from non-Chinese companies, capitalizing on an ongoing IPO boom.
According to the Hong Kong Stock Exchange, the market raised 216 billion Hong Kong dollars ($27.8 billion) from IPOs in the first 10 months of 2025. This represents an increase of 209% compared to the same period in the previous year.
Hong Kong is rapidly expanding as a market for digital assets and has attracted numerous crypto companies. This includes Bitcoin Depot, recognized as the world's largest Bitcoin ATM operator.
In October, HashKey Group, the owner of Hong Kong's top licensed crypto exchange, reportedly filed for an IPO. The company plans to raise $500 million for a listing anticipated in 2026, which would mark one of the first public listings by a local crypto company.
Cointelegraph reached out to Bitkub for comment regarding its potential IPO listing in Hong Kong but had not received a response by the time of publication.