Bitkub Eyes Overseas Listing After Delaying Thai IPO Plans

TLDR

• Bitkub is planning to raise 200 million dollars through an IPO in Hong Kong.
• The company paused its initial Thailand IPO plans due to market volatility.
• Thailand’s stock index dropped 10 percent in 2025, reaching a five-year low.
• Foreign investors sold over 3 billion dollars in Thai equities this year.
• Hong Kong IPOs raised nearly $28 billion in the first 10 months of 2025.

Bitkub plans to raise $200 million through an IPO in Hong Kong, shifting from its stalled Thailand listing strategy. The crypto exchange decided to do so after local market performance weakened due to economic and political pressure. Bitkub remains Thailand’s largest digital asset platform, handling around $66 million in daily trading volume.

Thailand Stock Market Weakness Affects Local IPO Plans

Bitkub initially targeted a 2025 IPO on the Stock Exchange of Thailand but paused the plan due to market instability. The Thai benchmark index fell 10% in 2025, hitting a five-year low in the first half of the year. Foreign investors also pulled out more than $3 billion by October.

Political tensions with Cambodia and trade threats continue to affect Thailand’s economic environment, raising concerns about domestic listings. Market volatility forced several companies to delay or cancel IPOs, weakening local investor confidence. Bitkub shifted its focus to overseas options where investor interest in tech firms remains stronger.

Thailand’s equities lag behind regional peers, making it less attractive for growth-focused companies like Bitkub. Local conditions no longer support the valuation Bitkub seeks from a public debut. The decision reflects a broader trend of firms seeking more stable capital markets abroad.

Bitkub Targets $200 Million from Hong Kong Listing

Bitkub is now preparing to list on the Hong Kong Stock Exchange, according to sources familiar with the matter. The company aims to raise $200 million to fund expansion and product development across Asia. Talks with potential underwriters are ongoing, but details remain undisclosed.

Founded in 2018, Bitkub leads Thailand’s digital asset industry with a large customer base and strong brand recognition. The exchange grew rapidly in recent years, despite market downturns and regulatory shifts. Its leadership sees Hong Kong as a gateway to broader access to Asian capital.

A Bitkub spokesperson declined to comment on the IPO timeline but confirmed the company is reviewing international fundraising options. The Hong Kong exchange has seen increasing interest from crypto-related firms in 2025. “We are exploring all possible avenues to support our long-term growth,” said the source.

Hong Kong Sees Rise in Crypto IPO Activity

Hong Kong raised $27.8 billion from IPOs in the first 10 months of 2025, up 209% from last year. The exchange reported a boom in listings, particularly from non-Chinese firms entering the market. South Korea and Hong Kong led regional growth, with 27% and 20% index gains respectively.

Bitkub’s potential IPO aligns with Hong Kong’s strategy to attract digital asset companies. HashKey Group, operator of a licensed crypto exchange, filed for a $500 million IPO earlier in October. The city has welcomed various crypto entities, including Bitcoin Depot, the largest Bitcoin ATM operator.

The exchange offers a regulated environment and broader investor reach, appealing to firms like Bitkub seeking capital outside Thailand. Hong Kong’s IPO market provides access to both institutional and retail investors across Asia. Bitkub may finalize its IPO plans after completing internal financial reviews.

Crypto exchanges are increasingly seeking to operate in regulated jurisdictions to attract investor trust. Hong Kong’s infrastructure supports digital asset listings with clear compliance guidelines. Bitkub views this as an advantage in the competitive crypto funding space.

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