Thai Crypto Exchange Bitkub Eyes $200M Hong Kong IPO In 2026: Bloomberg
Bitkub, Thailand’s largest crypto exchange, is considering a $200 million initial public offering (IPO) in Hong Kong as early as next year.
That’s according to a Bloomberg report that cited unidentified sources familiar with the matter. They added, however, that deliberations are still ongoing and details could still change.
Bitkub’s Thailand IPO Plans Stalled
Bitkub is the top crypto exchange in Thailand in terms of trust and 24-hour volumes, according to data from CoinGecko.
Given its large presence, the exchange had considered an IPO in Thailand with a target launch for sometime this year. These plans, according to the Bloomberg report, have been stalled because of volatility and market uncertainty.
That’s after Thailand’s equity market emerged as one of the most volatile in Asia this year amid political disputes and looming trade threats.
The Stock Exchange of Thailand (SET), which is the country’s only stock exchange, has seen its index plummet 15% year-to-date (YTD).
Performance of Asian stock exchanges in the first half of 2025 (Source: Thailand Business News)
Meanwhile, the majority of Asian stock exchanges saw robust YTD gains. South Korea and Hong Kong topped the trend with 27% and 20% growth, respectively.
Hong Kong IPOs Have Already Raised $27.8 Billion
Bitkub’s potential IPO would expand the Hong Kong exchange’s attempts to attract more listings by non-Chinese companies. This year, the exchange has already seen an IPO boom.
According to data from the Hong Kong Stock Exchange, Hong Kong has raised $216 billion Hong Kong dollars, around $27.8 billion, from IPOs in the first 10 months of this year. This marks a 209% increase from the same period last year.
That trend is on track to continue as HashKey Group, the owner of Hong Kong’s top licensed crypto exchange, reportedly filed for its own IPO in October with plans to raise $500 million. Similar to the potential Bitkub listing, HashKey Group’s listing is expected to happen in 2026 as well.
Hong Kong is also quickly becoming a crypto hub, and has attracted a number of companies in the digital asset space. Among these companies is the world’s largest Bitcoin ATM operator, Bitcoin Depot.
In addition to being an attractive hub for crypto companies, Hong Kong was one of the first markets to debut its own crypto ETFs (exchange-traded funds) after the success in the US. It even moved ahead of the US when it launched spot Solana ETFs.
Meanwhile, authorities in Hong Kong have laid out a crypto licensing regime and sandbox frameworks for stablecoins and tokenized bank deposits over the years as well. Earlier this month, it also announced that it will enable local crypto trading platforms to share a global order book with platforms overseas.
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