Thai Crypto Exchange Bitkub Weighs Hong Kong IPO as Thailand’s Market Slumps

Core Insights - Thai cryptocurrency exchange Bitkub is considering an initial public offering (IPO) in Hong Kong to enhance its visibility and capitalize on a more favorable market environment as the Thai market struggles [1][4][9] Company Overview - Bitkub, founded in 2018, is one of Thailand's leading cryptocurrency platforms and had previously looked into listing on the Stock Exchange of Thailand [3][9] - The exchange is now targeting a raise of approximately $200 million through the potential Hong Kong IPO [4][9] Market Context - The Thai stock market has faced significant challenges, with the SET Index declining about 10% in 2025 and newly listed companies experiencing an average drop of over 12% [4] - In contrast, Hong Kong is actively working to revitalize its financial standing by implementing a regulated crypto trading environment and attracting both retail and institutional investors [5][6] Regulatory Environment - Hong Kong has introduced a formal licensing regime for digital-asset exchanges and is making additional regulatory changes to attract global crypto and tech issuers [5][9] - Thailand's regulatory landscape is tightening, with the Securities and Exchange Commission and the Bank of Thailand planning to launch a regulatory crypto sandbox for foreign tourists [7] Industry Trends - The IPO market in Hong Kong is projected to reach its highest level in four years, with expected proceeds surpassing $40 billion in 2025 [6] - Other crypto firms, such as tZero Group, are also preparing for public offerings, indicating a growing momentum for crypto IPOs [8]