Thailand-based cryptocurrency exchange Bitkub is exploring the possibility of launching an initial public offering (IPO) in Hong Kong, aiming to raise around $200 million, according to sources cited by Bloomberg.

People familiar with the matter said the offering could take place as early as next year, though discussions remain preliminary and the final structure of the deal may still evolve.

Founded in 2018, Bitkub had previously considered pursuing a listing in Thailand. However, the weak performance of the domestic equity market—one of the poorest-performing globally this year—has weighed on those plans. Thai listings have fallen an average of more than 12% in 2025, while the benchmark index has declined by roughly 10%.

Bitkub remains the country’s largest digital asset trading platform, recording $60.75 million in 24-hour trading volume, per CoinGecko data.

Hong Kong, meanwhile, continues to position itself as a leading regional hub for digital assets, backed by clearer regulatory guidance from both the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA).