Bitkub, the largest cryptocurrency exchange in Thailand, is exploring the possibility of an initial public offering (IPO) in Hong Kong to raise $200 million. This decision comes as the Thai stock market faces a significant slump.

According to a report by Bloomberg, Bitkub has faced challenges in pursuing a Thai IPO due to the current volatility in the local market. The exchange was initially aiming for a public listing in 2025, but it is now shifting focus to Hong Kong.

Thailand’s Benchmark Index Plummets to a Five-Year Low

In recent months, Thailand’s equity market has become increasingly volatile, driven by political tensions with Cambodia and various trade concerns. The Stock Exchange of Thailand (SET) has seen its index decline by 10%, reaching a five-year low earlier this year, marking it as one of Asia’s underperforming markets.

Even with two months of positive stock market performance, foreign investors have continued to sell off Thai equities, amounting to over 100 billion Thai baht (approximately $3 billion) in net sales in the first ten months of the year.

Surge in Hong Kong IPOs

On the other side, Hong Kong is witnessing a thriving IPO market, having raised nearly $28 billion in the first ten months of 2025 alone, a considerable increase from the previous year. Bitkub’s IPO could contribute to this influx, especially as many non-Chinese companies are venturing into the Hong Kong exchange as well.

The Hong Kong Stock Exchange indicated that it has garnered $216 billion HKD ($27.8 billion) from IPO activities this year, showing robust growth and interest in the region as a premier location for digital asset companies.

Cointelegraph has reached out to Bitkub for further information regarding this potential Hong Kong IPO, but no response had been received by the time of this report.