Markets
What to Know: The Curious Case of a Crypto Giant
- Thailand’s own digital darling, Bitkub, is contemplating a grand adventure into the IPO realm in the bustling streets of Hong Kong, aiming to rattle the cage with roughly $200 million-just a casual pocket change for some, but a big deal for others.
- Once upon a time, they fancied an IPO in Thailand; however, the local stock market proved to be about as inspiring as watching paint dry-so they decided to pack their bags and head to Hong Kong, where the real party’s supposed to be.
According to the whisperings of Bloomberg’s most fashionable tipsters, the ever-ambitious Bitkub, founded in the illustrious year of 2018, is eyeing an IPO in Hong Kong, seemingly more excited about it than a pug in a biscuit factory. The goal? A modest $200 million-because who doesn’t love a nice round figure? The discussion is still as lively as a London pub on a Saturday night, and the details might still do a disappearing act.
Now, you’d think with all this talk, they’d stick around the Thai markets. Nope! Bitkub had flirted with the idea of an IPO at home but was discouraged by the dour performance of their local stock market-less “Wall Street” and more “Wall-limited,” if you catch my drift. Thailand’s bourse has been bleeding more than a colicky kitten, with a drop of over 12% in listings this year alone, and the index dancing down a cheerful 10%.
By the way, Bitkub is the kingpin of Thailand’s crypto scene, tossing around a hefty $60.75 million in trades every 24 hours-talk about making waves in a teacup.
Meanwhile, Hong Kong is busy playing the suave regional digital asset hub, backed up by a ‘no-nonsense’ regulatory team from the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA). It’s the city’s way of saying, “Come one, come all, and bring your Bitcoin.”
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2025-11-24 11:35