Bitkub, a Thailand-based cryptocurrency exchange, has started considering a USD 200 million IPO in the region of Hong Kong as early as 2026.
Following this announcement, the shift is expected to highlight both the challenges facing the Thai capital markets and Hong Kong’s emergence as a digital asset hub.
In addition, according to reports from Bloomberg, Bitkub had originally planned a domestic listing, as mentioned in a 2023 shareholder letter, but by April 2024, the company was in the process of hiring financial advisers for a 2025 IPO on the Stock Exchange of Thailand. However, these plans were disrupted as Thailand’s stock market slumped. Furthermore, the SET Index, the country’s main equity gauge, has also dropped nearly 30% this year to 550.43 points, making it one of the worst-performing markets in 2025. Thai listings have also faced an overall weighted average decline of more than 12%.
Bitkub's strategic pivot from Thailand to Hong Kong
Amid this volatility, Bitkub has started considering more international options instead. According to Bloomberg, discussions are still underway, and the final direction may shift. At the same time, with this latest plan, Bitkub is set to join HashKey Group in the process of pursuing a public listing in Hong Kong. The firm reportedly submitted paperwork for its own listing, aiming to raise around USD 500 million, with plans for an IPO as soon as this year.
At the moment, Hong Kong is accelerating its development in the crypto market. In the first half of 2025, total bank transactions in digital asset-related products and tokenised assets reached USD 26.1 billion Hong Kong dollars, and this marked a 233% increase over the same period last year. Furthermore, Thailand is not behind when it comes to crypto adoption, as, despite challenges in equity markets, the country is also moving towards establishing a favorable regulatory space for digital assets.
The Ministry of Finance also suspended capital gains tax on cryptocurrency sales from January 1, 2025, through December 31, 2029. However, this five-year exemption only applies to trades conducted through the use of Thai SEC-licensed platforms. The ministry also added that this measure could generate approximately USD 1 billion in annual revenue by increasing activity and consumption.
