Bitkub Shifts IPO to Hong Kong as Thai Market Declines

Crypto News Exchanges

Bitkub Shifts IPO Plans to Hong Kong After Thai Stocks Slump

Written by Aaron S.,

Editor-In-Chief

Last Updated: November 24, 2025

Key Takeaways

Bitkub, Thailand’s top crypto exchange, is exploring a $200 million IPO in Hong Kong as local stock conditions worsen;
The company paused its plan to list in Thailand in 2025 due to market instability and declining investor confidence;
Hong Kong’s revived IPO market offers Bitkub wider access to global investors amid its strong fundraising rebound.

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Bitkub Shifts IPO Plans to Hong Kong After Thai Stocks Slump

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Bitkub $58.45M , Thailand’s largest cryptocurrency exchange, may hold its first public share sale in Hong Kong instead of Thailand, as local stock conditions remain weak.

According to a Bloomberg report, the company aims to collect around $200 million through the potential listing.

The exchange, founded in 2018, had previously considered listing on the Stock Exchange of Thailand, with a goal of going public in 2025. That plan has reportedly been paused due to the Thai equity market's unstable performance.

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Thailand’s stock market has struggled this year. The Stock Exchange of Thailand index has fallen by about 10%, which hit its lowest level in five years during the first half of 2025.

Analysts pointed to political tension with Cambodia and trade concerns as reasons for the increased volatility, which has made the Thai market one of Asia’s most unpredictable.

Bitkub is exploring Hong Kong as an alternative venue. A listing there would give the company access to more international investors and a more active capital market.

For Hong Kong, it would be another step in its effort to attract foreign listings beyond Chinese firms.

The Hong Kong Stock Exchange has seen a recovery in fundraising this year. Between January and October 2025, companies raised around 216 billion Hong Kong dollars, or about $27.8 billion, from IPOs.

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