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]

Group 1 - Upbit, a South Korean crypto exchange, is planning an initial public offering (IPO) on Nasdaq following its merger with Naver [1] - The merger between Upbit's parent company Dunamu and Naver's financial arm is expected to create a unified entity that integrates cryptocurrency and traditional finance [2] - This year has seen other notable crypto companies like Circle Internet Group, Bullish, and Gemini go public in the U.S., with Kraken anticipated to follow in 2026 [3]

Core Insights - Bitkub, Thailand's leading cryptocurrency exchange, is considering a $200 million IPO in Hong Kong by 2026, reflecting challenges in Thai capital markets and Hong Kong's rise as a digital asset hub [1][5] Company Strategy - Initially, Bitkub planned a domestic listing on the Stock Exchange of Thailand for 2025, as stated in a 2023 shareholder letter, and was in the process of hiring financial advisers for this purpose [2][3] - The company aims to become a pioneering Thai-nationality tech firm, emphasizing its commitment to democratizing value in Thailand [3] Market Conditions - Thailand's stock market has faced significant challenges, with the SET Index dropping nearly 30% in 2025, making it one of the worst-performing markets [4] - Thai listings have experienced a weighted average decline of over 12%, prompting Bitkub to explore international options [4][5] Company Performance - Bitkub, founded in 2018, remains the top centralized crypto exchange in Thailand, offering 237 coins and 240 trading pairs, with a 24-hour trading volume of $66.3 million [6] - The exchange's total assets exceed $800 million, and it holds a Trust Score of 7 out of 10 on CoinGecko [6] Industry Trends - Hong Kong's crypto market is thriving, with digital asset-related bank transactions reaching HKD 26.1 billion in the first half of 2025, a 233% increase from the previous year [8] - Bitkub's potential IPO would align it with other firms like HashKey Group, which is also pursuing a public listing in Hong Kong [7]

Upbit Nasdaq IPO. Photo by BeInCrypto South Korea’s biggest crypto exchange, Upbit, is now positioning for a potential Nasdaq IPO, following confirmation that tech giant Naver is preparing to acquire its parent company, Dunamu, in a landmark stock-swap merger. The move, expected to be approved at board meetings next week, would create one of Asia’s most powerful fintech–crypto conglomerates and accelerate Korea’s entry into US capital markets. Naver–Dunamu Merger Ignites Upbit’s Nasdaq IPO Reports, citi ...

Core Insights - Coinbase has announced the acquisition of Vector, a Solana-based social trading platform focused on meme coins and rapid asset launches, to enhance its on-chain trading capabilities [1][2] - The acquisition aligns with Coinbase's strategy to expand its presence in the growing Solana ecosystem, which has seen decentralized exchange volume exceed one trillion dollars in 2025 [3][6] Group 1: Acquisition Details - Coinbase will integrate Vector's team and technology into its consumer trading division, discontinuing Vector's mobile and desktop apps during the transition [2] - The terms of the acquisition have not been disclosed, with the transition expected to close by the end of the year [2] Group 2: Market Context - The meme-coin and social trading market is gaining traction as users seek quick access to tokens and peer-driven strategies [3] - By acquiring Vector, Coinbase aims to improve asset availability, trading speed, and liquidity, particularly in token launch environments [3][5] Group 3: User Benefits - Users may benefit from faster access to newly minted Solana tokens and improved trading execution within Coinbase's interface following the integration of Vector's infrastructure [4] - The acquisition could streamline the trading experience by reducing the need for multiple apps and separate wallets for new coin launches and social trading [5] Group 4: Strategic Implications for Coinbase - This acquisition marks Coinbase's ninth in 2025, highlighting its ambition to become an "everything exchange" that encompasses centralized, derivatives, and on-chain trading [6] - The integration of Solana expertise positions Coinbase to offer deeper support for emerging assets and trading models [6] Group 5: Future Considerations - The industry will monitor the speed at which Vector features become available to Coinbase users and how the new CAPA addresses compliance and risk amid meme-coin volatility [7] - The accelerated listing of Solana assets may prompt other exchanges to enhance their on-chain and mobile trading offerings [7]

Cryptocurrency exchange Coinbase plans to acquire onchain trading platform Vector.By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions .Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.Because Vector’s platform is built on Solana, the acquisition will expand Coinbase’s ...

Core Viewpoint - Coinbase has announced the acquisition of Vector, a social meme coin trading application, to enhance its DEX trading integrations and improve the trading experience for Solana assets [1][2] Group 1: Acquisition Details - The acquisition will integrate Vector's technology into Coinbase's offerings, aiming to provide broader access to on-chain markets [1] - Vector was launched by the team behind the Solana NFT marketplace, Tensor, and the ownership of Tensor will be transferred to the Tensor Foundation [3] - Coinbase stated that the acquisition will not have a significant impact on its financials [3] Group 2: Impact on TNSR Token - The TNSR token, associated with the Tensor marketplace, surged over 300% in the past week despite a broader market selloff, now trading at $0.19 [5] - Approximately 22% of the total supply of unvested TNSR tokens will be burned as a result of the acquisition, with additional vesting tokens locked for three more years [5] Group 3: User Transition and Company Performance - Users of Vector will have until November 26 to transfer their assets, after which they will have four years to export their private keys [6] - Coinbase has made nine acquisitions this year, including a recent $375 million acquisition of crypto fundraising platform Echo [6] - Shares of Coinbase (COIN) are down about 2% on the announcement day but have increased over 31% in the last month, trading at $233 [7]

Diane King Hall is joining us. Uh we start with the story about what we've seen in Bitcoin and I was noting the selloff and institutional outflows as folks are nervous about private credit or no rate cut or whatever and u that's taken Coinbase down along with it. It has uh today right now at the moment it's moving in locked up with the uh optimism that we're seeing on Wall Street but it has been under pressure and in fact in the pre-market it was indicating lower but right now we're seeing a little bit of b ...

Core Insights - South Korea's largest tech company, Naver, is in the final stages of acquiring Dunamu, the operator of Upbit, which handles over 70% of the country's crypto trading [2][4] - The merger is expected to significantly impact the digital finance landscape in South Korea, marking one of the most important tech-crypto mergers in Asia [2][4] Company Developments - Naver's board is set to vote next week on the acquisition plan, which will involve a stock-swap arrangement managed by Naver Financial, its fintech division [3][7] - Dunamu's board is scheduled to meet on November 26 to finalize the terms of the acquisition [3][4] Financial Structure - The anticipated swap ratio for the acquisition is approximately 1:3 or 1:4, reflecting Dunamu's multibillion-dollar valuation [4] - Following board approvals, both companies will need to obtain shareholder consent before proceeding with the integration [4] Strategic Initiatives - The merger is expected to enhance Naver's digital finance initiatives, including a won-backed stablecoin project that has been under exploration since mid-2025 [4][6] - Naver and Dunamu began collaborating on a won-pegged stablecoin in July 2025, integrating it into Naver Pay, South Korea's largest mobile payment service [6] Market Reaction - Naver's stock experienced a rise of 7-11% amid growing speculation about the acquisition, indicating investor optimism regarding a stronger position in Korea's digital asset ecosystem [9]

Investigators found that the exchange Kyrrex operated inside a larger exchange, HTX, and handled wallets linked to hackers, fraudsters, sanctioned actors and criminal networks. According to a report by the International Consortium of Investigative Journalists, “dozens of investors” have lost roughly $6.5 million through Kyrrex-controlled wallets. The investigative report found that the Kyrrex exchange was registered in St. Vincent and the Grenadines and used “nested” operations to hide its affiliation wi ...