Thailand’s Largest Crypto Exchange Bitkub Sets Sights on 2025 IPO in
0Ruholamin Haqshanas
Last updated:
April 1, 2024 08:26 EDT
| 2 min read
Bitkub Capital Group Holdings, the parent company of Bitkub, Thailand’s largest cryptocurrency exchange, has revealed plans to conduct an initial public offering (IPO) in 2025.
The company aims to go public on the Stock Exchange of Thailand, CEO Jirayut Srupsrisopa said in a recent interview with Bloomberg.
Bitkub is currently in the process of hiring financial advisers to assist with the IPO listing.
The announcement follows a previous indication from Bitkub in a shareholder letter from 2023, where the company expressed its intention to pursue an IPO in Thailand, albeit without specifying a specific timeframe.
Binance and Kasikornbank Compete for Capturing Thai Market.
The crypto trading landscape in Thailand has become increasingly competitive, with rivals such as Binance and Kasikornbank Pcl making moves to capture market share from Bitkub over the past six months.
The number of active crypto trading accounts in Thailand reached 238,000 in March, the highest level since September 2022, as reported by the Securities and Exchange Commission.
Bitkub sold a 9.2% stake in its crypto exchange unit, Bitkub Online Co., to Asphere Innovations Pcl for 600 million baht ($16.5 million) in July of last year.
Jirayut expects the valuation of Bitkub Online, which was approximately 6 billion baht during the deal, to rise as trading volumes on the platform approach levels not seen since the previous crypto bull market in 2021.
Bitkub Online contributes approximately 80% of Bitkub Capital’s earnings.
As Bitcoin’s recent rally to record highs fuels renewed optimism, Bitkub is expanding its operations after reducing its workforce by about 6% between 2022 and 2023.
Jirayut aims to increase the company’s headcount to 3,000 employees by 2025, up from the current 2,000.
It is worth noting that SCB X Pcl, a financial company that controls Thailand’s largest bank by market value, decided in 2022 to abandon a 17.85 billion baht plan to acquire a 51% stake in Bitkub Online due to heightened regulatory scrutiny.
Thai SEC Eases Crypto Investing Restrictions.
The SEC of Thailand has updated the criteria for investing in digital tokens, easing some restrictions.
In a recent meeting, the SEC Committee approved...
https://cryptonews.com/news/thailands-largest-crypto-exchange-bitkub-sets-sights-on-2025-ipo-in-home-country.htm
#crypto #bitcoin #ethereum #cryptocurrency #news #blockchain #litecoin #cryptonews #cryptonewstoday #cryptoworld #cryptoworlddaily #cryptoexchange #cryptoexchangenews #cryptoexchangenewstoday #thailand #thailandnews #thailandnewstoday #thailandsec #thailandsecnews #crypto
***NOT FINANCIAL, LEGAL, OR TAX ADVICE! JUST OPINION! I AM NOT AN EXPERT! I DO NOT GUARANTEE A PARTICULAR OUTCOME I HAVE NO INSIDE KNOWLEDGE! YOU NEED TO DO YOUR OWN RESEARCH AND MAKE YOUR OWN DECISIONS! THIS IS JUST ENTERTAINMENT!
This information is what was found publicly on the internet. This information could’ve been doctored or misrepresented by the internet. All information is meant for public awareness and is public domain. This information is not intended to slander harm or defame any of the actors involved but to show what was said through their social media accounts. Please take this information and do your own research.
bitcoin, blockchain, crypto, cryptocurrency, altcoin, investment, ethereum, bitcoin crash, xrp, cardano, ripple