Bitkub, Thailand’s leading crypto platform, explores a potential Hong Kong stock listing, per report.

Thailand’s leading crypto exchange Bitkub is weighing an initial public offering (IPO) in Hong Kong, with a fundraising target of about $200 million, Bloomberg reported, citing people familiar with the talks.

The potential listing could come as early as next year, though the sources noted that discussions remain fluid and the plan may still change as details are refined.

Bitkub, founded in 2018, had previously explored a domestic IPO, but sluggish market conditions in Thailand have dampened those ambitions. The Thai stock market has been among the world’s weakest performers this year, with new listings sliding more than 12% in 2025 and the main index down roughly 10%.

Despite the challenging environment, Bitkub continues to dominate Thailand’s digital asset sector, generating $60.75 million in trading volume over the past 24 hours, according to CoinGecko.

The shift toward Hong Kong comes as the city pushes to solidify its status as a regional hub for digital assets, bolstered by a more defined regulatory framework introduced by the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA).