Bitkub Capital Group Holdings, the owner of Thailand’s largest cryptocurrency exchange, reportedly plans to go public in 2025. Jirayut Srupsrisopa, the CEO of the holding company, revealed that Bitkub Capital Group is currently hiring financial advisers to assist with the listing.
Owner of Thailand’s Largest Cryptocurrency Exchange Set to Go Public in 2025
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Enhancing Bitkub Capital Group’s Profile
Bitkub Capital Group Holdings, the owner of Bitkub Online Inc., a crypto exchange, plans to go public on the Stock Exchange of Thailand (SET), the holding company’s CEO has said. A Bloomberg report said the holding company hopes the listing will help enhance the Bitkub Capital Group’s profile.
The report, quoting CEO Jirayut Srupsrisopa, also revealed that the holding company is in the process of hiring financial advisers to assist with the initial public offering (IPO) and listing. The CEO’s latest revelation of Bitkub Capital Group Holdings’ IPO plans came a few months after it similarly informed shareholders.
As stated in Bitkub Capital Group’s letter to shareholders, the IPO is expected to help the company scale its impact and “unlock even greater value for our shareholders.” There are expectations that this step would “further solidify Bitkub’s position as a global leader in fintech.”
Meanwhile, the Bloomberg report suggests that the entry of global crypto giant Binance and Kasikornbank Pcl, both of which threaten Bitkub’s dominant position in the Thai crypto industry, may have prompted the stock exchange listing decision. Before that, Bitkub sought to address the threat by selling a stake in Bitkub Online Inc, Thailand’s largest crypto exchange.
For instance, a few months before revealing the IPO plans, the holding company reportedly sold a 9.2% stake in its crypto exchange to Asphere Innovations Pcl for $16.5 million or 600 million baht. A year earlier, SCB X Pcl, a Thai financial company, looked set to acquire 51% shareholding in the crypto exchange. However, the acquisition deal ultimately failed due to regulatory concerns.
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