Bitkub Prefers Hong Kong's Transparent Regulations to Thailand's Unstable Market

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Bitkub Prefers Hong Kong's Transparent Regulations to Thailand's Unstable Market

Bitget-RWA2025/11/24 10:30

By:Bitget-RWA

- Thailand's Bitkub, a top crypto exchange, plans a $200M Hong Kong IPO amid Thailand's 5-year stock market low. - Shift reflects Hong Kong's regulatory clarity and 209% IPO growth in 2025, contrasting Thailand's political-driven market slump. - Hong Kong's Stablecoin Bill and "Fintech 2030" roadmap reinforce its appeal as a digital-asset hub for crypto firms. - Bitkub's move aligns with regional trends, joining HashKey's potential IPO, signaling Asia's crypto market realignment.

Bitkub, the leading cryptocurrency exchange in Thailand, is reportedly gearing up for an initial public offering (IPO) in Hong Kong as the local stock market hits its lowest point in five years. Handling about $66 million in daily trades, the platform is looking to secure $200 million from the IPO,

as reported by Bloomberg

, referencing anonymous insiders. This move represents a change from its previous intention to go public in Thailand, where the Stock Exchange of Thailand (SET) has dropped 10% this year due to ongoing political issues and trade instability

as reported by Bloomberg

This decision highlights Hong Kong’s rising status as a center for digital assets. The city’s regulators have established comprehensive rules, such as a licensing system for crypto exchanges and a stablecoin sandbox, while its IPO sector has

jumped 209% so far this year

, bringing in $27.8 billion during the first ten months of 2025. Bitkub’s CEO, Jirayut Srupsrisopa, has previously emphasized the company’s goal to increase its international presence by expanding outside of Thailand,

saying, "We are dedicated to exploring new markets with our cutting-edge solutions"

Bitkub Prefers Hong Kong's Transparent Regulations to Thailand's Unstable Market image 0

In contrast, Thailand’s equity market has been among the poorest performers in Asia for 2025. The SET Index, which measures all listed stocks, has

dropped to its lowest in five years

, with overseas investors selling off Thai assets at a net total exceeding $3 billion in the first ten months of the year. This weak performance has pushed back Bitkub’s original plans for a local IPO, which were initially set for 2025. Meanwhile, Hong Kong’s market has

outperformed other markets in the region

, with South Korea and Hong Kong recording gains of 27% and 20% respectively in the first half of 2025.

Hong Kong’s ongoing regulatory progress further cements its role as a leading destination. In May 2025, the city’s Legislative Council approved the Stablecoin Bill, establishing international standards for stablecoin regulation, and recently introduced the "Fintech 2030" plan to advance digital finance innovation

as noted by The Coin Rise

. Bitkub’s move fits into a broader regional trend: Hong Kong has also attracted attention from other crypto companies, including its top local exchange, HashKey, which is reportedly considering its own IPO

as reported by Bloomberg

Should Bitkub’s IPO succeed, it would stand out as one of Asia’s largest crypto-related public offerings and reflect a shift toward markets with more transparent regulations. The exchange’s potential $200 million fundraising would add to the diversity of Hong Kong’s IPO market, which has

reached its highest proceeds in four years this year

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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