Thai Crypto Company Wants to IPO in 2025

Liputan6.com, Jakarta – Bitkub Capital Group Holdings, owner of the largest crypto exchange in Thailand, is planning an initial public offering of shares in 2025. This information was conveyed directly by Bitkub Chief Executive Officer, Jirayut Srupsrisopa in an interview on Monday, April 1 2024.

Reporting from Yahoo Finance, Tuesday (2/4/2024), Jirayut said Bitkub plans to go public on the Thai Stock Exchange in an effort to raise the company's profile and raise money. Bitkub is in the process of recruiting financial advisors for the listing.

Bitkub Capital had previously signaled plans to conduct an IPO in Thailand in a shareholder letter in 2023, without specifying a target timeframe.

Competition for crypto traders in Southeast Asia's second-largest economy is heating up, with Binance and Kasikornbank Pcl taking steps to take market share from Bitkub in the last 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 Thai Securities and Exchange Commission.

Valuation

In July last year, Bitkub sold a 9.2% stake in Bitkub Online Co., its crypto exchange unit, to Asphere Innovations Pcl for USD 16.5 million or the equivalent of IDR 262.2 billion (assuming an exchange rate of IDR 15,893 per US dollar) .

Jirayut said he expects Bitkub Online's valuation, pegged at around 6 billion baht in the deal, to increase as trading volume on the platform approaches levels not seen since the last crypto bull market in 2021. Bitkub Online accounts for about 80% of Bitkub Capital's revenue.

As Bitcoin's rally to record highs fuels renewed optimism, Bitkub is expanding after cutting its headcount by around 6% in 2022 and 2023. Jirayut said he aims to increase the workforce to 3,000 people by 2025, up from 2,000 currently.

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