Thai Crypto Exchange Bitkub Weighs Hong Kong IPO: Report

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By Omkar Godbole, AI Boost|Edited by Sam Reynolds

Nov 24, 2025, 8:16 a.m.

Hong Kong's skyline (Chris Lam/CoinDesk)

Thailand-based Bitkub is considering an IPO in Hong Kong to raise approximately $200 million.
The exchange had previously considered an IPO in Thailand but was deterred by the poor performance of the local stock market.

Thailand-based digital assets exchange Bitkub is mulling an initial public offering (IPO) in Hong Kong, people familiar with the matter told Bloomberg.

The exchange may look to raise roughly $200 million from the IPO, possibly next year, the sources said, adding that discussions are ongoing and details could still shift.

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Bitkub, founded in 2018, previously considered an IPO in Thailand, but the dour performance of the domestic stock market played spoilsport. Thailand’s stock market, one of the worst performers globally this year, has seen an average of over 12% drop in listings in 2025, with the index itself falling 10%.

Bitkub is Thailand’s largest cryptocurrency exchange with a total 24-hour trading volume of $60.75 million, according to data from Coingecko.

Hong Kong is actively looking to establish itself as the regional digital asset hub, supported by a clear regulatory roadmap from the Securities and Futures Commission (SFC) and Hong Kong Monetary Authority (HKMA).

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