In a recent interview, Jirayut Srupsrisopa, CEO of Bitkub Capital Group Holdings, announced intentions for an initial public offering (IPO) in 2025. The company, which runs Thailand’s largest cryptocurrencycurrency exchange, plans to list on the Thai Stock Exchange as part of its aim to increase visibility and secure finance.
Srupsrisopa stated that Bitkub is currently in the process of hiring financial consultants to help with the listing.
Bitkub hinted about an IPO in Thailand in a 2023 shareholder letter, but did not provide a date. Competition in Southeast Asia’s second-largest economy is heating up, with Binance and Kasikornbank fighting for market share from Bitkub.
According to Securities and Exchange Commission data, active cryptocurrencycurrency trading accounts in Thailand increased to 238,000 in March, the highest level since 2022.
Bitkub sold a 9.2% share in its cryptocurrencycurrency exchange unit to Asphere Innovations in July for 600 million baht ($16.5 million). Bitkub’s CEO anticipates that Bitkub Online’s valuation, which is now at 6 billion baht, will climb as trading volumes increase. Bitkub Online generates over 80% of Bitkub Capital’s earnings.
