Thailand’s Bitkub Eyes $200 Million Initial Public Offering (IPO) In Hong Kong
Bitkub, Thailand’s prime cryptocurrency change, is contemplating a $200 million preliminary public providing in Hong Kong as early as 2026.
This strategic shift highlights each the challenges going through Thai capital markets and Hong Kong’s emergence as a digital asset hub.
From Bangkok to Hong Kong: Bitkub‘s Strategic Pivot
According to experiences from Bloomberg, Bitkub had initially deliberate a home itemizing, as talked about in a 2023 shareholder letter. By April 2024, it was within the strategy of hiring monetary advisers for a 2025 IPO on the Stock Exchange of Thailand.
“We are actively getting ready for IPO filings, paving the way in which for additional development and entry to capital. This thrilling step will enable us to scale our affect, unlock even larger worth for our shareholders, and additional solidify our place as a worldwide chief in fintech. We are contemplating itemizing our firm first in Thailand, as we goal to change into a pioneering Thai-nationality tech firm. This strategic transfer aligns with our dedication to democratised Thailand’s worth to everybody,” the change said in 2023.
However, these plans have been disrupted as Thailand’s inventory market slumped. The SET Index, the nation’s primary fairness gauge, has dropped practically 30% this 12 months to 550.43 factors, making it one of many worst-performing markets in 2025. Thai listings have additionally confronted a weighted common decline of greater than 12%.
Amid this volatility, Bitkub has began contemplating worldwide choices as an alternative. Bloomberg noted that discussions are nonetheless underway and the ultimate course might shift, based on folks accustomed to the matter.
Founded in 2018, Bitkub stays Thailand’s main centralized crypto exchange. It provides 237 cash and 240 buying and selling pairs. The change’s 24-hour buying and selling quantity is $66.3 million, with USDT/THB as its most lively pair. Bitkub’s whole property stand at over $800 million, and the platform has a Trust Score of seven out of 10 on CoinGecko.
With this newest transfer, Bitkub would be a part of HashKey Group in pursuing a public listing in Hong Kong. Bloomberg famous that in October, the agency, which operates town’s main licensed cryptocurrency change, reportedly submitted paperwork for its personal itemizing. The agency goals to boost round $500 million, with plans for an IPO as soon as this year.
Hong Kong is a booming crypto market. In the primary half of 2025, whole financial institution transactions in digital asset-related merchandise and tokenized property reached $26.1 billion Hong Kong {dollars}. This marked a 233% increase over the similar interval final 12 months and already exceeded the full-year whole of final 12 months.
Thailand will not be behind relating to crypto adoption. Despite challenges in fairness markets, Thailand is moving towards establishing a positive regulatory area for digital property.
The Ministry of Finance suspended capital features tax on cryptocurrency gross sales from January 1, 2025, via December 31, 2029. This five-year exemption solely applies to trades performed by way of Thai SEC-licensed platforms.
“This is a key step in boosting Thailand’s financial potential and a significant alternative for Thai entrepreneurs to thrive on the worldwide stage,” Deputy Finance Minister Julapun Amornvivat stated.
The ministry added that this measure might generate roughly $1 billion in annual income by growing exercise and consumption.
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