Thailand’s largest crypto trading platform Bitkub is preparing a move that could reshape where it wants to grow next, with the company now working on a $200 million initial public offering in Hong Kong, according to Bloomberg.

People familiar with the talks allegedly said the plan could start as early as next year, and they asked not to be identified because the discussions are private. The idea has been alive inside the company for a while, but the situation in Thailand pushed it forward.

The Thai stock market has been one of the weakest performers in 2025. New listings there dropped more than 12% on average, and the SET Index sank about 10% this year, making the local route far less appealing for a company in Bitkub’s position.

Hong Kong has been trying to grow its crypto activity again. The city wants more trading, more companies, and more listings. Officials built a licensing system for crypto exchanges to operate legally, but trading remains soft.

Even with that, first-time listings in Hong Kong are expected to reach a four-year high in 2025, with proceeds possibly passing $40 billion.

If Bitkub joins that pipeline, it would help Hong Kong bring in more overseas companies at a time when the city wants to break away from only relying on firms from mainland China.

Hong Kong expands rules to bring in new crypto players

Regulators in Hong Kong have been rolling out new steps to grow the sector. Securities and Futures Commission Chief Executive Julia Leung said the next regulatory phase includes the idea of allowing locally-licensed crypto brokers to access global liquidity pools.

Julia said, “That’s for another day,” without giving a date for when such access would open. If it happens, it could bring in big names like Binance and Coinbase, since both companies could register as brokers instead of applying for full crypto exchange licenses, a process that normally takes years.

Hong Kong’s register shows 11 exchanges holding full licenses and 49 brokers approved to offer virtual-asset dealing services through omnibus accounts.

Another change came this week when the SFC allowed licensed exchanges to list new tokens and HKMA-licensed stablecoins for professional investors without waiting for the old 12-month issuance and liquidity track record. This makes it easier for exchanges in the city to bring new tokens to market faster.

Asia reacts to the crypto wipeout while Hong Kong tries to rebuild

Regulators across Asia have been tightening or adjusting rules after the crypto market lost about $2 trillion over the past year. Singapore is cutting back on retail crypto activity after several high-profile failures hurt local investors.

Japan is going the other way by making it simpler for firms to list tokens, pulling back from its more cautious approach. China kept its stance and declared most crypto activity illegal last year.

Hong Kong used to be a home base for companies like Binance and FTX. Those firms were drawn by the city’s easy rules and its strong ties with China.

Things changed in 2018 when the government introduced a voluntary licensing regime, which signaled a tougher environment. FTX left for the Bahamas last year, and many firms followed. Even so, the city still gets attention from major players.

Animoca Brands Chairman Yat Siu took part in the policy discussions, and FTX CEO Sam Bankman-Fried said it is “obviously not too late” for Hong Kong to take a leading role in crypto rules.

Activity inside Hong Kong shows how much rebuilding is left. Chainalysis reported that crypto-token transaction volume in the city rose less than 10% in the 12 months through June compared to the year before.

That was the slowest pace in East Asia apart from China’s heavy downturn. All of these trends will shape the environment Bitkub enters if it chooses Hong Kong for its next chapter.

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