- Bitkub Capital Group Holdings plans to go public in 2025 through an IPO on the Stock Exchange of Thailand.
- The move aims to enhance Bitkub’s profile, generate capital, and solidify its position in the cryptocurrency market.
- Bitkub is actively engaging financial advisors to assist with the listing process and capitalize on the growing demand for cryptocurrency trading in Thailand.
Bitkub Capital Group Holdings, the owner of Thailand’s largest cryptocurrency exchange, has announced its plans to go public in 2025. In an interview on Monday, Chief Executive Officer Jirayut Srupsrisopa revealed that Bitkub is preparing for an initial public offering (IPO) on the Stock Exchange of Thailand. The move aims to enhance the company’s profile and generate capital to support its expansion.
Pursuing a Strategic Listing
Bitkub had previously indicated its intention to pursue an IPO in Thailand in a shareholder letter released in 2023. However, no specific timeframe was provided at the time. Now, with the 2025 target set, the company is actively engaging financial advisors to assist with the listing process. This strategic move demonstrates Bitkub’s commitment to solidifying its position in the market and capitalizing on the growing demand for cryptocurrency trading in Thailand.
Increasing Competition in Southeast Asia
As the popularity of cryptocurrencies surges in Southeast Asia’s second-largest economy, competition among key players intensifies. Notably, both Binance and Kasikornbank Pcl have made significant moves to capture market share from Bitkub over the past six months. The competition has driven the number of active crypto trading accounts in Thailand to reach a record high of 238,000 in March, the highest level since September 2022, according to data from the Securities and Exchange Commission.
Strengthening Bitkub’s Position
In July of the previous year, Bitkub sold a 9.2% stake in Bitkub Online Co., its crypto exchange unit, to Asphere Innovations Pcl for 600 million baht ($16.5 million). Jirayut expects this move to prove beneficial as trading volumes on the platform approach levels not seen since the previous crypto bull market in 2021. Bitkub Online currently contributes approximately 80% of Bitkub Capital’s earnings, highlighting its significance to the overall business.
Expanding Workforce amid Optimism
With the recent rally of Bitcoin to record highs, Bitkub is capitalizing on the renewed optimism surrounding cryptocurrencies. Despite reducing its headcount by about 6% in 2022 and 2023, Jirayut aims to expand the company’s workforce to 3,000 employees by 2025, up from the current 2,000. This expansion reflects Bitkub’s confidence in the future growth potential of the cryptocurrency market in Thailand.
Regulatory Scrutiny and SCB X Pcl
Nevertheless, the cryptocurrency industry faces increased regulatory scrutiny. In 2022, SCB X Pcl, a financial company controlling Thailand’s largest bank by market value, abandoned its plan to acquire a 51% stake in Bitkub Online. The decision was made due to the intensified regulatory environment, emphasizing the need for cryptocurrency exchanges to navigate evolving regulations and compliance requirements.
Conclusion
Bitkub Capital Group Holdings’ plans to go public through an IPO in 2025 signify a significant milestone for the company. By leveraging the IPO, Bitkub aims to bolster its market presence, access additional funds, and secure a competitive advantage in the rapidly expanding cryptocurrency landscape. As Thailand’s appetite for cryptocurrency trading continues to grow, Bitkub is strategically positioning itself to meet the evolving demands of the market, while navigating regulatory challenges to ensure sustainable growth and success in the long term.
Disclaimer
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