Bitkub Capital Group Holdings, the parent company of Thailand’s largest cryptocurrency exchange, is gearing up for its initial public offering (IPO) listing on the Stock Exchange of Thailand (SET) in 2025.
The IPO aims to raise new capital and elevate Bitkub’s market presence, according to CEO Jirayut Srupsrisopa.
Despite a 6% reduction in headcount over 2022-2023, Bitkub is actively hiring financial advisers and plans to double its workforce to 2,000 employees by 2025.
As of December 2023, Bitkub holds a commanding 77% market share in Thailand’s crypto exchange landscape, handling approximately $30 million in daily trading volumes.
Thailand boasts a significant crypto user base, with over 13 million users as of 2023, representing 18% of the population, a figure projected to grow to 17.7 million users by 2028.
Bitkub faces competition from global players like Binance, which established a local subsidiary in January 2024, as well as local exchanges such as Upbit and Satang (acquired by Kasikornbank).
Bitkub sold a 9.2% stake in its crypto exchange unit, Bitkub Online, to Asphere Innovations in July 2023. Despite regulatory challenges, Bitkub Online remains a significant revenue contributor, accounting for approximately 80% of Bitkub Capital’s earnings.
In 2022, SCB X, a financial firm affiliated with Thailand’s largest bank, canceled plans to acquire a majority stake in Bitkub Online amid heightened regulatory scrutiny.
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