Bitkub Thailand is planning a $200 million initial public offering (IPO) in Hong Kong

BitCub, Thailand’s largest cryptocurrency exchange, is considering a $200 million IPO in Hong Kong as soon as 2026.

This strategic change demonstrates the challenges to Thailand’s financial markets and the emergence of Hong Kong as a digital asset center.

From Bangkok to Hong Kong: The Strategic Transformation ofBitkub

According to reports from BloombergBitCup had originally planned a local listing, as stated in a letter to shareholders in 2023. As of April 2024, it was in the process of hiring financial advisors to Initial public offering in 2025 Stock Exchange of Thailand.

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The stock market said in 2023 away Middle platform: “We are actively preparing our public offering files, paving the way for future growth and access to capital. This exciting move will allow us to expand our impact, unlock greater value for our shareholders, and strengthen our position as a global leader in fintech. We plan to list our company first in Thailand, where we want to become a leading Thai national technology company.

However, these plans were disrupted as the Thai stock market declined. The country’s main stock index, the SET Index, has fallen almost 30% this year to 550.43 points, making it one of the worst performing markets in 2025. Thai stocks also faced a weighted average decline of more than 12%.

In view of these fluctuations, BitCup began to look for international options instead. And I said Bloomberg Discussions are still ongoing and the final direction could change, according to people familiar with the matter.

Founded in 2018, BitCub remains the leading centralized cryptocurrency exchange in Thailand. It offers 237 currencies and 240 trading pairs. The exchange’s 24-hour trading volume is $66.3 million, with the most active trading pair being USDT/THB. BitCob’s total assets are over $800 million, and the platform has a trust score of 7 out of 10 on CoinGecko.

With this latest move, BitCobb will join the HashKey Group in pursuing a public listing in Hong Kong. The company, which operates the city’s first licensed cryptocurrency exchange, has filed its listing documents, Bloomberg reported. The company aims to raise about $500 million, with plans for an initial public offering as soon as this year.

He represents Hong Kong A thriving market for cryptocurrencies. In the first half of 2025, total banking transactions in products related to digital assets and tokenized assets will reach HK$26.1 billion. This registered an increase of 233% compared to the same period last year and has already exceeded the annual total of last year.

Thailand is not far behind when it comes to adopting cryptocurrencies. Despite the challenges in the stock markets, Thailand is moving towards creating a favorable regulatory environment for digital assets.

The Ministry of Finance has suspended capital gains tax on the sale of cryptocurrency from January 1, 2025 to December 31, 2029. This five-year exemption only applies to trades made via SEC-licensed Thai platforms.

“This is a major step in strengthening Thailand’s economic potential and a great opportunity for Thai entrepreneurs to shine on the global stage,” said Deputy Finance Minister Gulaboon Amornvivat.

The ministry added that this measure could generate about $1 billion in annual revenue by increasing activity and consumption.