According to a Bloomberg report citing people familiar with the matter, a Thai cryptocurrency exchange, Bitkub, is exploring the possibility of an initial public offering (IPO) in Hong Kong, a move that could potentially reinforce Hong Kong’s ambitions to establish itself as a digital-asset hub.
Previously, Bitkub had considered listing in Thailand, but poor market performance—with the SET Index down about 10% in 2025 and IPOs seeing a weighted average drop of over 12%—has led the company to reconsider its options.
The Hong Kong IPO could take place as early as next year, aiming to raise approximately $200 million, one source noted. Meanwhile, the discussions are ongoing and subject to change, and sources requested anonymity as the information has not been made public.
Hong Kong is looking to attract more activity in the digital asset sector by easing regulations related to crypto trading and implementing a licensing framework for cryptocurrency platforms, although trading volumes have remained subdued.
A Bitkub listing would mark a significant step toward the Hong Kong exchange’s goal of drawing more non-Chinese company listings. Additionally, initial public offerings in Hong Kong are on track for their highest levels in four years, with total proceeds potentially exceeding $40 billion, based on estimates from Bloomberg Intelligence.
