Thailand-based digital assets exchange Bitkub is considering an initial public offering (IPO) in Hong Kong, people familiar with the matter told Bloomberg.
The exchange could seek to raise around $200 million through the IPO, possibly next year, the sources said, adding that discussions are ongoing and details could still change.
Bitkub, founded in 2018, had previously considered an IPO in Thailand, but the poor performance of the domestic stock market played a spoilsport role. The Thai stock market, one of the worst performing in the world this year, saw an average decline of more than 12% in quotes 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 seeking to establish itself as the regional hub for digital assets, supported by a clear regulatory roadmap from the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA).
