Bitkub, Thailand’s leading cryptocurrency exchange, is preparing a potential $200 million IPO in Hong Kong in 2026, a move aimed at escaping the stagnation of the local market and securing greater liquidity and international visibility. The plan reflects a strategic shift as Thailand’s stock market struggles to offer the valuation and depth Bitkub needs.
Why Bitkub Is Looking Beyond Thailand
Bitkub currently controls more than 80% of Thailand’s crypto trading volume, according to reports cited in the coverage. The company had previously evaluated a domestic IPO, but Thailand’s stock market slump —a 24.9% drop through November 2025— made a local listing far less appealing. With liquidity drying up and valuations compressing, raising capital abroad became the more viable route. The combination of market dominance and a weak local equities environment is pushing Bitkub toward a market with stronger capital inflows and better institutional exposure.
Hong Kong, meanwhile, has strengthened its regulatory framework for digital assets in 2025, introducing licenses for trading platforms, stablecoin sandbox programs, and approvals for spot Bitcoin and Ethereum ETFs. These measures offer the kind of regulatory clarity and institutional-grade market structure that crypto issuers seek. The city’s IPO market has also rebounded sharply: $27.8 billion raised in the first ten months of 2025, a 209% year-on-year increase, according to the report. Additional crypto players —such as HashKey with a potential $500 million IPO— are also preparing listings, signaling that Hong Kong is emerging as a primary hub for digital-asset companies.
For Bitkub, an IPO in Hong Kong would provide access to deeper liquidity, a potentially more favorable valuation, and a regulatory environment built specifically for digital assets. These factors are increasingly important for institutional investors and corporate treasuries that prioritize consistent oversight and transparent market rules.
The potential listing ultimately represents a strategic bet on global legitimacy and stronger capital markets, positioning Bitkub to scale beyond the constraints of Thailand’s fragile equities landscape.
