Thailand-based digital assets exchange Bitkub is exploring an initial public offering in Hong Kong, people familiar with the matter told Bloomberg. The exchange may aim to raise about $200 million, possibly next year, the sources said, adding that discussions are ongoing and details could still change.

Digital assets meet tradfi in London at the fmls25

Investor interest in cryptocurrency IPOs in 2025 has shown uneven results. While Circle Internet Financial and Galaxy Digital have delivered gains since their listings, other firms, including eToro, Bullish, and Gemini, have seen stock prices fall.

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Experts note that lasting gains “require more than initial market enthusiasm,” highlighting the variable performance of crypto companies on public markets this year.

Previous Thailand IPO Plan Shelved

Bitkub, founded in 2018, previously considered an IPO in Thailand. The plan was dropped due to the weak performance of the domestic stock market. Thailand’s market, one of the worst-performing globally in 2025, has seen listings fall by an average of over 12%, while the main index dropped 10%.

Hong Kong as Regional Hub

The exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term is Thailand’s largest cryptocurrency platform, with a total 24-hour trading volume of $60.75 million, according to Coingecko.

Hong Kong has sought to position itself as a regional hub Hub A hub as its name suggests describes the center of activity or a focal point. In terms of finance, the term hub can refer to Hub and Spoke Trading or a liquidity hub. However, the terms are not interchangeable, but they do overlap. Hub and Spoke trading refer to a network that posts bids and offers for an asset and therefore creates a real market. For example, Hub and Spoke trading allow traders to see the other submissions and offers from other traders on the platform. This is a popular method A hub as its name suggests describes the center of activity or a focal point. In terms of finance, the term hub can refer to Hub and Spoke Trading or a liquidity hub. However, the terms are not interchangeable, but they do overlap. Hub and Spoke trading refer to a network that posts bids and offers for an asset and therefore creates a real market. For example, Hub and Spoke trading allow traders to see the other submissions and offers from other traders on the platform. This is a popular method Read this Term for digital assets. The Securities and Futures Commission and the Hong Kong Monetary Authority have provided a regulatory roadmap for the sector.

Crypto Exchange Bullish Valued at $13.2B

Bullish, a cryptocurrency exchange in the United States, provides a recent example of crypto firms going public. The company made its NYSE debut, with shares rising from the $37 IPO price to close at $68, giving it a valuation of about $13.2billion.

The offering raised $1.1billion, exceeding initial pricing expectations due to investor demand. Bullish primarily serves institutional clients and has processed $1.25trillion in transactions, offering spot, margin, and derivatives trading. The IPO adds to a growing number of crypto firms going public, including eToro, Gemini, and Coinbase.