Bitkub Capital Group Holdings, the company that owns Thailand’s biggest cryptocurrency exchange, is seeking the assistance of financial advisers in preparation for its upcoming initial public offering (IPO) listing. CEO Jirayut Srupsrisopa stated in an interview with Bloomberg on April 1 that Bitkub aims to go public on the Stock Exchange of Thailand (SET) in 2025. The main objectives of the IPO are to raise fresh capital and enhance Bitkub’s reputation.
Despite reducing its workforce by 6% in 2022 and 2023, Bitkub is actively expanding its staff and has plans to add 1,000 new employees by 2025, effectively doubling its current workforce of 2,000 individuals. Bitkub had previously disclosed plans to launch an IPO in Thailand in a shareholder letter in 2023, but specific details were not provided.
Based in Bangkok, Bitkub commands a 77% market share in Thailand, making it the largest cryptocurrency exchange in the country as of December 2023, according to data from HashKey. The exchange manages approximately $30 million in daily trading volumes.
Other prominent cryptocurrency exchanges in Thailand include Upbit, which was established in 2021, as well as Bitazza and Zipmex. However, Zipmex suspended its trading activities in November 2023 due to regulatory action taken by local authorities.
Thailand has emerged as a significant player in the cryptocurrency industry in recent years. It reportedly had over 13 million crypto users as of 2023, accounting for roughly 18% of its total population, according to data from Statista. It is projected that this number will increase to 17.7 million users by 2028.
With the growing adoption of cryptocurrencies in Thailand, competing firms have been striving to capture market share from Bitkub. Binance, a major global rival, officially launched its local subsidiary in January 2024 and plans to open to the public in 2024. In October 2023, Kasikornbank, one of Thailand’s largest banks, acquired a majority stake in the Satang crypto exchange.
Bitkub’s plans for an IPO have emerged following the sale of a 9.2% stake in its crypto exchange unit, Bitkub Online, to tech holding company Asphere Innovations in July 2023. At the time, the stake was valued at 600 million baht, equivalent to $16.5 million. Jirayut anticipates that the valuation of Bitkub Online will rise as trading volumes on the platform approach levels not seen since the previous crypto bull market in 2021. Bitkub Online contributes approximately 80% of Bitkub Capital’s earnings.
In 2022, SCB X, a financial firm that owns Thailand’s largest bank in terms of market value, canceled its plan to acquire a 51% stake in Bitkub Online for 17.85 billion baht due to increased regulatory scrutiny.
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