Thailand’s Bitkub Plans $200M Hong Kong IPO Amid Market Turmoil

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Bitkub, Thailand’s darling of cryptocurrency exchanges, is contemplating a grand $200 million initial public offering in Hong Kong, perhaps as early as 2026. Ah, the sweet allure of impetuous youth and wild ambitions! 😂

This daring pivot underscores not only the pitfalls lurking in the Thai capital markets but also Hong Kong’s shining promise as the digital asset promised land. Who knew that markets could be so unpredictable? 🎢

From Bangkok to Hong Kong: Bitkub‘s Strategic Shift

According to the ever-reliable Bloomberg (the oracle of all financial wisdom), Bitkub initially dreamed of a cozy domestic listing, a plan revealed in a 2023 shareholder letter. Yet, by April 2024, they were busy hiring financial advisors, probably to prepare for a 2025 debut on the Thai Stock Exchange. Because, of course, plans are always subject to change! 🧐

“We are actively preparing for IPO filings-because why not dream big? This step promises to elevate us, unlock more value for shareholders, and make us the global fintech darling. Listing in Thailand first? Well, we want to be pioneers! Let’s make Thailand’s tech sector great again-democratized, inclusive, and perhaps a tad chaotic,” the exchange boasted in 2023.

But wait! Life had other plans. The Thai stock market, known as the SET Index, took a nosedive-dropping nearly 30% this year to a humble 550.43 points, turning into one of 2025’s worst performers (so much for stability! 😅). Thai listings also groaned under the weight of a more than 12% decline. Truly inspiring, isn’t it?

Amidst the chaos and chaos-adjacent volatility, Bitkub hath turned its gaze eastward. According to Bloomberg, discussions are still afoot, and their plans might be as changeable as a weather vane. Who knows where they’ll land? 🤷‍♂️

Founded in the wondrous year of 2018, Bitkub remains Thailand’s reigning crypto monarch. It offers a dazzling 237 coins and 240 trading pairs-because why not diversify until it’s dizzying? Its 24-hour trading volume is a modest $66.3 million, with USDT/THB reigning supreme. Assets? Over $800 million, and a Trust Score of 7 out of 10-indifference, perhaps? Or just average crypto skepticism? 🤓

With this daring move, Bitkub aims to join HashKey Group as a Hong Kong IPO hopeful. Bloomberg reports that HashKey, already a top player in city’s licensed crypto scene, reportedly submitted papers to go public-aiming to raise about $500 million, maybe within this very year. Poseidon himself would be impressed! 🌊

Hong Kong’s crypto scene is nothing short of explode-y. In the first half of 2025, it raked in a staggering HKD 26.1 billion ($3.3 billion USD) in digital asset transactions-up 233% from last year. Truly, a beacon of stability and reason in a tumultuous world. Or so they say. 🤔

The land of smiles-the Kingdom of Thailand-has not fallen behind when it comes to crypto antics. Despite the stock market chaos, they are making moves: the Ministry of Finance has suspended capital gains tax on crypto from January 1, 2025, through December 31, 2029. Traders rejoice! Or, maybe, just breathe a sigh of relief. This exemption applies only to trades on Thai SEC-licensed platforms-because regulations are fun like that. 😅

“This is a key step in boosting Thailand’s economic potential and a major opportunity for Thai entrepreneurs to thrive on the global stage,” proclaimed Deputy Finance Minister Julapun Amornvivat-probably with a smug grin. 😊

The ministry further claims this move could generate about $1 billion annually-because the more the merrier, right? More activity, more consumption, hopefully less market panic. Or at least that’s the plan! 🚀

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2025-11-24 16:37