Biktub, Thailand’s Biggest Crypto Exchange, Hiring Advisers for 2025 IPO

Bitkub plans to go public on the Stock Exchange of Thailand in an effort to boost the company’s profile and raise money.

By Anuchit Nguyen, Bloomberg | Updated: 1 April 2024 18:29 IST

Biktub, Thailand’s Biggest Crypto Exchange, Hiring Advisers for 2025 IPO

Photo Credit: Bloomberg

The number of active crypto trading accounts in Thailand jumped to 238,000 in March

Highlights

Biktub aims to expand its workforce to 3,000 people by 2025
Bitkub had earlier signaled plans to pursue an IPO in Thailand in 2023
Both Binance and Kasikornbank have challenged Biktub in Thailand

Bitkub Capital Group Holdings, the owner of Thailand's biggest crypto exchange, is planning an initial public offering for 2025, Chief Executive Officer Jirayut Srupsrisopa said in an interview on Monday.

Jirayut said Bitkub plans to go public on the Stock Exchange of Thailand in an effort to boost the company's profile and raise money. Bitkub is in the process of hiring financial advisers for the listing, he added.

Bitkub had earlier signaled plans to pursue an IPO in Thailand in a 2023 shareholder letter, without specifying a target time frame.

[Sponsored] Samsung Galaxy S24: The Ultimate Camera Phone With Smarter On-Device AI

Competition for crypto traders in Southeast Asia's second-biggest economy is heating up, with both Binance and Kasikornbank Pcl making moves to grab market share from Bitkub in the past six months. The number of active crypto trading accounts in Thailand jumped to 238,000 in March, the highest level since September 2022, according to data tracked by the Securities and Exchange Commission.

In July last year, Bitkub sold a 9.2 percent stake in Bitkub Online, its crypto exchange unit, to Asphere Innovations Pcl for THB 600 million ($16.5 million or roughly Rs. 137 crore). Jirayut said he expects Bitkub Online's valuation, pegged at about 6 billion baht in the deal, to rise as trading volumes on the platform near levels not seen since the last crypto bull market in 2021.

Bitkub Online accounts for roughly 80 percent of Bitkub Capital's earnings.

Google to Show Token Balances in Wallets Running on Select Blockchains

As Bitcoin's rally to record highs stokes renewed optimism, Bitkub is expanding after cutting its headcount by about 6 percent in 2022 and 2023. Jirayut said he aims to boost the size of the workforce to 3,000 people by 2025, up from 2,000 now.

SCB X Pcl, a financial company that controls the nation's largest bank by market value, in 2022 scrapped a THB 17.85 billion (roughly Rs. 4,083 crore) plan to acquire a 51 percent stake in Bitkub Online amid increased regulatory scrutiny.

Will crypto tax hurt the industry in India? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Affiliate links may be automatically generated - see our ethics statement for details.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.