- Bitkub, Thailand’s largest cryptocurrency exchange, plans to go public on the Stock Exchange of Thailand (SET) in 2025.
- The IPO aims to boost the company’s profile, raise capital, and counter increasing competition in the Thai crypto market.
- Bitkub is actively hiring and aims to expand its workforce to 3,000 employees by 2025.
Bitkub Capital Group Holdings, owner of Thailand’s leading cryptocurrency exchange, have reportedly set its sights on a new major milestone. In a recent interview, CEO Jirayut Srupsrisopa revealed plans for an initial public offering (IPO) on the Stock Exchange of Thailand (SET) in 2025. This move comes amidst intensifying competition in the Southeast Asian crypto market.
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Bitkub’s Growth and IPO
Bitkub Online, the crypto exchange unit of Bitkub Capital, accounts for approximately 80% of the company’s earnings. In July 2022, Bitkub sold a 9.2% stake in Bitkub Online to Asphere Innovations Pcl for 600 million baht ($16.5 million), implying a valuation of approximately 6 billion baht. Jirayut anticipates this valuation to rise as trading volumes approach levels seen during the 2021 crypto bull run.
The planned IPO is expected to elevate Bitkub’s profile and provide additional capital for expansion. Bitkub is currently in the process of selecting financial advisors to guide the listing process. The company also has ambitious growth plans, aiming to increase its workforce from the current 2,000 to 3,000 employees by 2025.
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These figures are all based on a recent Bloomberg report that delivered Jirayut’s statements on the planned IPO.
Competition Continues
The Thai cryptocurrency market is becoming increasingly competitive. Major players like Binance and Kasikornbank Pcl are actively vying for market share. Despite this, the number of active crypto trading accounts in Thailand surged to 238,000 in March – the highest level since September 2022, according to the Securities and Exchange Commission.
Meanwhile, Bitcoin and the greater crypto market have seen some noticeable changes over the last week as well. This means that the timing of Bitkub’s IPO plans coincides with a period of flux within the broader market.
Despite recently reaching record highs, Bitcoin and other major cryptocurrencies recently experienced a sharp correction, with prices dipping below $69,000 and reaching lows near $65,000 before a modest rebound. This shows the inherent volatility of the landscape that Bitkub and other exchanges will navigate as it prepares for its public debut.