Thai cryptocurrency exchange Bitkub is considering an initial public offering in the Hong Kong Special Administrative Region, people familiar with the matter said, potentially boosting the city’s status as a digital-assets hub.

Founded in 2018, Bitkub has previously considered an IPO in Thailand, but the country’s stock market has been among the world’s worst-performing in 2025, with listings generating a weighted average decline of more than 12 percent. The SET Index has fallen about 10 percent this year.

Bitkub may launch the IPO in the HKSAR as early as next year to raise about $200 million, one of the people said.

Deliberations are ongoing and details could change, the people said, asking not to be identified because the information isn’t public. Bangkok-based Bitkub didn’t respond to a request for comment.

The HKSAR, which plans to ease rules to encourage crypto trading, has been vying to become a regional leader in digital assets and has established a licensing regime for crypto platforms.

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Bitkub’s listing would enhance the attempts by the city's exchange to attract more listings by non-Chinese mainland companies. First-time share sales in the city are heading for a four-year high this year, with proceeds potentially topping $40 billion, according to Bloomberg Intelligence estimates.