Thailand’s crypto exchange Bitkub eyes IPO in 2025
Thailand’s biggest crypto exchange Bitkub is hiring advisers to go public on the Stock Exchange of Thailand next year.
Bitkub Capital Group Holdings, the owner of Thailand‘s largest crypto exchange by trading volume Bitkub, has started hiring advisors for its initial public offering (IPO) on the Stock Exchange of Thailand in 2025, Bloomberg reports, citing the exchange’s head Jirayut Srupsrisopa.
In an interview on Apr. 1, the Bitkub CEO said that the company wants to boost its profile and secure additional capital through the IPO. The decision to go public comes after the exchange said in a 2023 shareholder letter that it had witnessed a rebound in trading volume in Q4 2023 from the 2022 crypto winter, as its trade volume in December 2023 doubled that of December 2022.
Last year, Bitkub sold a 9.2% stake in Bitkub Online Co. to Asphere Innovations Pcl for $16.5 million. Srupsrisopa anticipates an increase in the valuation of Bitkub Online, with trading volumes on the platform nearing levels observed in 2021.
Despite undergoing layoffs in 2022 and 2023, Bitkub aims to expand its workforce to 3,000 employees by 2025, up from the current 2,000. Established in February 2018, Bitkub has established dominance in the Thailand crypto exchange market, capturing a 75.4% share in 2023, according to data from CoinGecko.
