Bitkub, Thailand’s largest cryptocurrency exchange, is reportedly exploring a potential Initial Public Offering (IPO) in Hong Kong. According to a Bloomberg report citing sources familiar with the matter, the company could launch the offering as early as next year with a goal of raising $200 million.

The potential move marks a significant shift from the company’s previous consideration of going public in its home country. This change in strategy appears linked to the underperformance of Thailand’s stock market. The SET Index, which tracks stocks on the Thai exchange, has fallen 24.9% year-to-date.

A Pivot Toward Global Expansion

The idea of an international listing isn’t new for the Thai exchange. In a letter to shareholders in February 2024, Bitkub CEO Jirayut Srupsrisopa confirmed the company was exploring a Hong Kong IPO to increase its global visibility. He stated a commitment to expanding beyond Thailand and venturing into new markets with the company’s solutions.

Hong Kong’s Crypto-Friendly Environment

Bitkub’s interest aligns with Hong Kong’s concerted efforts to establish itself as a global hub for digital assets. The city was among the first jurisdictions to approve spot crypto exchange-traded funds (ETFs) after their successful debut in the United States, even launching spot Solana ETFs ahead of the U.S. market.

In recent years, Hong Kong’s financial authorities have developed a clear crypto licensing regime and created sandbox frameworks for stablecoins and tokenized bank deposits. Earlier this month, regulators also announced that local crypto trading platforms would be permitted to share global order books with overseas platforms, further enhancing the region’s appeal to international firms.