According to a Bloomberg article citing people with knowledge of the situation, Bitkub, the biggest cryptocurrency exchange in Thailand, is considering a possible IPO in Hong Kong.
Bitkub plans to raise $200 million by launching the Hong Kong IPO as early as next year.
A Hong Kong IPO
Given Thailand’s stock market’s notable underperformance, the business appears to have abandoned its ambition to go public in its own country. Google Finance data shows that the SET Index, which monitors the performance of all common equities listed on the Thai stock market, has decreased 24.9% so far this year.
In a letter to shareholders in February 2024, Bitkub CEO Jirayut Srupsrisopa stated that the business is considering an IPO in Hong Kong to increase its awareness internationally.
“We are committed to expanding our reach beyond Thailand, venturing into new markets with our innovative solutions,” Jirayut had said in the letter.
Hong Kong and crypto
In the meantime, Hong Kong has been working to increase the area’s visibility as a worldwide centre for cryptocurrency. Following the U.S.’s success, Hong Kong was among the first markets to introduce its own spot cryptocurrency exchange-traded funds. It even preceded the U.S. in the introduction of spot Solana ETFs.
In recent years, Hong Kong’s financial authorities have established sandbox frameworks for tokenised bank deposits and stablecoins, as well as a crypto licensing regime. Earlier this month, they announced that this would allow local cryptocurrency trading platforms to share a global order book with international trading platforms.
Crypto IPOs
This year has been remarkable when it comes to crypto IPOs. Kraken, one of the oldest cryptocurrency exchanges in the world, raised $500 million and is currently worth $15 billion. This occurred after Kraken added two million more users to its platform earlier this year by paying $1.5 billion to purchase NinjaTrader.
In September 2025, after revealing that its income had almost quadrupled in the first half of 2025, BitGo, a U.S. cryptocurrency custody firm, filed for a U.S. IPO. The report states that for the six months ending on June 30, revenue climbed to $4.19 billion with a $12.6 million profit.
Gemini Space Station ($GEMI) raised $425 million in an IPO in September of 2025. This year’s successful IPOs of cryptocurrencies serve as a prime illustration of how appropriate regulation may alter the market.
As the market demands more secure cryptocurrency wallets, Ledger’s IPO is the next significant step.
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