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- Bitkub is exploring a $200 million IPO in Hong Kong due to Thailand’s volatile stock market.
- Hong Kong’s crypto sector is booming, attracting major players like Bitkub and HashKey Group.
- Thailand’s government offers tax breaks on crypto to support the growing digital asset market.
Bitkub, Thailand’s leading cryptocurrency exchange, is exploring the possibility of launching a $200 million initial public offering (IPO) in Hong Kong as early as 2026. This shift in strategy comes as the exchange faces an increasingly challenging economic environment in Thailand, where the local stock market is struggling.
From Bangkok to Hong Kong: A Shift in Strategy
Originally, Bitkub had planned to list on the Stock Exchange of Thailand (SET) by 2025. In a 2023 shareholder letter, the company outlined its vision to become a pioneering Thai tech company with a local listing. However, the financial climate in Thailand has shifted dramatically. The SET Index, the country’s benchmark stock index, has dropped nearly 30% in 2025, making it one of the worst-performing markets of the year. The sharp decline in market performance, along with a 12% drop in Thai listings on average, prompted Bitkub to consider international markets, specifically Hong Kong, for its IPO.
As one of Southeast Asia’s largest and most influential crypto exchanges, Bitkub’s IPO would mark a significant development in both the local and global digital asset sectors. According to reports, discussions regarding the move are still ongoing, and the final decision may evolve.
Hong Kong’s Emergence as a Crypto Hub
Hong Kong has become an attractive destination for cryptocurrency firms looking to go public. In addition to Bitkub, HashKey Group, another major player in the Hong Kong crypto market, is also pursuing a public listing. The firm submitted its IPO paperwork in October 2025, hoping to raise $500 million. This influx of crypto companies seeking listings in Hong Kong signals the city’s growing prominence as a global digital asset hub.
In the first half of 2025, transactions related to digital assets in Hong Kong reached a staggering HK$26.1 billion—more than double the amount recorded during the same period last year. This surge represents a 233% increase, underscoring the city’s burgeoning role in the crypto space.
Thailand’s Crypto Push Despite Market Challenges
Although Thailand’s capital markets face challenges, the country continues to position itself as a leader in the cryptocurrency sector. The Thai government recently introduced a five-year suspension of capital gains tax on cryptocurrency sales, providing a much-needed incentive for crypto traders. This policy, which is in effect from January 1, 2025, through December 31, 2029, applies to transactions conducted on platforms licensed by the Thai Securities and Exchange Commission (SEC).
Also Read: Hong Kong Launches Pilot for Real-Value Tokenized Settlements
According to Deputy Finance Minister Julapun Amornvivat, this move is expected to generate $1 billion in annual revenue by boosting activity in the digital asset market. This initiative could play a critical role in positioning Thailand as a global leader in crypto adoption and innovation.
Bitkub’s decision to explore a Hong Kong IPO reflects both the challenges faced by Thailand’s capital markets and Hong Kong’s growing stature as a crypto-friendly environment. While Thailand continues to make strides with supportive regulatory measures, Hong Kong is emerging as the go-to hub for digital asset firms looking to scale globally. The coming years will reveal how this strategic pivot unfolds for Bitkub and the wider Southeast Asian crypto industry.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
