Thailand’s Bitkub Mulls $200M Hong Kong IPO for Early 2026
Bitkub, Thailand’s largest cryptocurrency platform, is reportedly considering a $200 million IPO in Hong Kong as ahead as 2026, people familiar with the matter told .
The move would mark a strategic shift later than plans for a domestic IPO in Thailand stalled. The country’s equity market has struggled this year, with the Stock platform of Thailand (SET) falling around 10%. The talks are in ahead stages, and the details—such as timing and structure—are not yet final, said the sources.
Hong Kong listing could give Bitkub access to deeper pools of international capital and regulatory clarity. Hong Kong’s proactive crypto framework—including licensing for platforms and a roadmap for tokenized assets—makes the city an attractive venue.
Moreover, Hong Kong’s IPO market has surged. In the first ten months of 2025, companies raised about HK$216 billion (≈ approximately US$27.8 billion) there, a more than 200% increase year over year.
Bitkub’s leaders have not publicly confirmed the IPO plan, and no formal filing has been made.
If carried through, the IPO could assist Bitkub fund regional expansion, product development, and compliance efforts — while also strengthening Hong Kong’s position as a hub for digital-asset firms.
Hong Kong’s appeal to traditional investors in the crypto market remains limited, according to recent data. The Hong Kong BTC ETF reports a total net asset value (NAV) of just $312 million, with a daily trading volume of only $4 million. A similar trend is viewn in ETH ETFs, which hold $88.87 million in NAV and record roughly $800,000 in daily trading volume.
This remains minimal compared with the U.S. market, which continues to thrive. The U.S. BTC market alone holds over $120 billion in assets under management, dwarfing Hong Kong’s relatively modest figures and highlighting the disparity in investor adoption and liquidity between the two regions.
Crypto IPOs Face Growing Headwinds Amidst Bitkub Entry
While Bitkub eyes a $200 million Hong Kong IPO in ahead 2026, other crypto firms are encountering significant obstacles in their public-market ambitions. for the first nine months of 2025, declining from $397.9 million to $318.7 million, highlighting the pressure even established digital-asset firms face amid market volatility.
At the identical time, as insiders unlock shares, triggering trade-offs that weigh on investor sentiment. Shares recently hovered around $85.15, close to levels shortly later than the company’s debut, underscoring the delicate balance between market enthusiasm and internal liquidity events.
These developments illustrate the broader headwinds facing crypto companies viewking public listings. From revenue contractions to insider-driven trade pressure, the ecosystem is increasingly testing investor confidence and emphasizing the importance of sustainable growth, strong governance, and clear regulatory positioning.
