In a recent interview, Jirayut Srupsrisopa, the Chief Executive Officer of Bitkub Capital Group Holdings, revealed plans for an initial public offering (IPO) in 2025. The company, which owns Thailand’s largest cryptocurrency exchange, intends to list on the Stock Exchange of Thailand as part of its strategy to enhance its visibility and secure funding.
Srupsrisopa noted that Bitkub is currently in the process of enlisting financial advisers to facilitate the listing.
Bitkub hinted at an IPO in Thailand in a 2023 shareholder letter without specifying a timeline. Competition in Southeast Asia’s second-largest economy is intensifying, with Binance and Kasikornbank vying for market share from Bitkub.
Active crypto trading accounts in Thailand soared to 238,000 in March, the highest since 2022, per Securities and Exchange Commission data.Â
Last July, Bitkub sold a 9.2% stake in its crypto exchange unit to Asphere Innovations for 600 million baht ($16.5 million). Anticipating increased trading volumes, Bitkub’s CEO expects the valuation of Bitkub Online, currently at 6 billion baht, to rise. Bitkub Online contributes approximately 80% to Bitkub Capital’s earnings.
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