Bitkub, Thailand’s Biggest Crypto Exchange, Aims for 2025 IPO in Local Market

Bitkub Capital Group Holdings IPO Plans

Bitkub Capital Group Holdings, the parent company of Bitkub, Thailand’s largest cryptocurrency exchange, is gearing up to conduct an initial public offering (IPO) in 2025. CEO Jirayut Srupsrisopa shared in a recent interview with Bloomberg that the company aims to go public on the Stock Exchange of Thailand. Bitkub is currently in the process of hiring financial advisers to assist with the IPO listing.

Binance and Kasikornbank Compete for Thai Market Share

The crypto trading landscape in Thailand is witnessing increased competition, with rivals like Binance and Kasikornbank Pcl making strategic moves to capture market share from Bitkub over the past six months. The number of active crypto trading accounts in Thailand hit 238,000 in March, the highest level since September 2022, as reported by the Securities and Exchange Commission.

Bitkub’s Strategic Moves

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 the previous year. Jirayut expects the valuation of Bitkub Online to rise as trading volumes on the platform approach levels not seen since the previous crypto bull market in 2021. Bitkub Online contributes around 80% of Bitkub Capital’s earnings.

As Bitcoin’s recent rally to record highs drives optimism, Bitkub is expanding its operations after a workforce reduction of 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.

Thai SEC Updates Crypto Investing Restrictions

The Securities and Exchange Commission of Thailand has recently updated the criteria for investing in digital tokens, easing some restrictions. The commission has lifted investment restrictions previously imposed on retail investors for certain types of digital tokens, aiming to establish effective investor protection mechanisms while considering the risks associated with digital assets.

In early February, the country’s Finance Ministry announced the exemption of value-added tax (VAT) on digital asset trading to position Thailand as a leading digital asset hub. By easing tax rules, the ministry suspended the requirement to pay 7% VAT on income derived from cryptocurrency and digital token trading.