Thai Crypto Exchange Plans IPO in 2025
Bitkub Capital Group Holdings, the primary owner of Thailand’s largest cryptocurrency exchange, recently announced plans for an Initial Public Offering (IPO) in 2025, marking a significant milestone for the company's future.
CEO Jirayut Srupsrisopa’s decision to pursue an IPO aligns with Thailand’s efforts to establish a secure and vibrant digital asset landscape. To facilitate this move, Bitkub is actively recruiting financial advisors to navigate the complexities of the IPO listing, following earlier indications of IPO plans outlined in a 2023 shareholder letter.
Amidst a competitive landscape in Thailand’s cryptocurrency trading sector, Bitkub faces formidable rivals such as Binance and Kasikornbank Pcl, highlighting the intensifying battle for market dominance.
Recent data from the Securities and Exchange Commission shows a surge in active cryptocurrency trading accounts in Thailand since September 2022. Against this backdrop, Bitkub must strategically position itself to maintain its market standing and sustain growth.
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To fortify its position, Bitkub executed a strategic divestment, selling a 9.2% stake in Bitkub Online Co. to Asphere Innovations Pcl for 600 million baht ($16.5 million). CEO Jirayut Srupsrisopa aims to expand the company’s workforce to 3,000 employees by 2025.
However, Bitkub faces challenges including regulatory scrutiny and the abandonment of an acquisition plan by SCB X Pcl in 2022, highlighting the complexities of its growth journey.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
