Chiara Bianchi
According to sources cited by Bloomberg, Bitkub, Thailand’s largest cryptocurrency exchange, is exploring the possibility of launching an initial public offering (IPO) in Hong Kong. One source indicated the exchange may move forward with the listing as soon as next year, targeting a potential raise of around $200 million, though final details remain fluid.
Bitkub had previously weighed the option of going public in Thailand. However, the plan appears to have been paused given the sharp downturn in Thailand’s stock market, where the SET Index has fallen 24.9% year-to-date, based on Google Finance data.
Bitkub Seeks Global Visibility Through Hong Kong Markets
In a shareholder letter published in February 2024, Bitkub CEO Jirayut Srupsrisopa emphasized the company’s ambition to grow beyond its domestic market.
“We are dedicated to expanding our footprint outside Thailand and entering new regions with our innovative products,” Jirayut stated at the time.
A Hong Kong IPO would align with Bitkub’s strategy to boost international recognition and strengthen its presence in the rapidly developing Asian crypto landscape.
Hong Kong Pushes to Become a Global Crypto Powerhouse
The move also comes as Hong Kong intensifies efforts to position itself as a major digital asset hub. The region was among the earliest to launch spot crypto exchange-traded funds, following the success of similar products in the United States—and even surpassed the U.S. by debuting spot Solana ETFs earlier.
Financial regulators in Hong Kong have introduced a broad crypto licensing framework, along with sandbox programs for stablecoins and tokenized bank deposits. Earlier this month, authorities confirmed that licensed local crypto platforms will soon be able to connect their order books with overseas exchanges, enabling greater liquidity and global access.
