Bitkub Explores $200M Hong Kong IPO After Thai Pause

Bitkub, Thailand's largest cryptocurrency exchange, is exploring an initial public offering in Hong Kong to raise approximately $200 million, according to sources familiar with the discussions. The move comes after the company paused plans for a domestic listing on the Stock Exchange of Thailand amid ongoing market volatility, with the potential Hong Kong debut possibly occurring next year.

Founded in 2018, Bitkub dominates Thailand's digital asset sector, serving a substantial customer base and recording about $66 million in daily trading volume. The exchange had targeted a 2025 IPO in Thailand to fund expansion and product development across Asia. However, those ambitions stalled due to deteriorating conditions in the local equity market. Thailand's benchmark SET Index declined 10 percent this year, reaching a five-year low in the first half, while new listings experienced an average drop of more than 12 percent. Foreign investors offloaded over $3 billion in Thai equities in the first 10 months, exacerbating uncertainty. Political tensions with Cambodia and potential trade disruptions have further strained the economic environment, prompting several companies to delay or...