Bitkub aims to be listed on the Stock Exchange of Thailand in 2025 and plans to hire 1,000 employees through the IPO
Bitkub Capital Group, owner of Thailand’s largest cryptocurrency exchange Holdings is hiring financial advisers to facilitate its planned initial public offering (IPO).
Bitkub CEO Jirayut Srupsrisopa told Bloomberg on April 1 that Bitkub plans to list on the Stock Exchange of Thailand (SET) in 2025. The upcoming listing is aimed at raising new capital and raising Bitkub's profile.
In addition to hiring consultants, Bitkub is currently actively expanding its staff despite cutting its headcount by 6% in 2022 and 2023.
Jirayut said the Thai exchange plans to add 1,000 employees by 2025, doubling its current headcount of 2,000.
Bitkub originally announced plans for an IPO in Thailand in a 2023 letter to shareholders, but did not disclose details.
Bitkub, headquartered in Bangkok, is Thailand's largest cryptocurrency exchange, accounting for 77% of the market as of December 2023, according to HashKey data. The exchange handles approximately $30 million in trading volume per day.
Other major Thai cryptocurrency exchanges include Upbit, Bitazza and Zipmex, which launched in 2021. However, Zipmex suspended trading activities in November 2023 amid a crackdown by local regulators.
Thailand has emerged as a major cryptocurrency player in recent years. According to Statista data, as of 2023, the country has more than 13 million crypto users, accounting for approximately 18% of the total population. This number is expected to reach 17.7 million users by 2028.
Cryptocurrency companies have been trying to capture market share from Thailand's Bitkub as adoption continues to grow.
Main global competitor Binance officially launched its local subsidiary in January 2024 and plans to open it to the public in 2024.
Kasikornbank, one of Thailand’s largest banks, acquired a majority stake in the Satang cryptocurrency exchange in October 2023.
New details about Bitkub's IPO plans come as the exchange sells a 9.2% stake in its cryptocurrency trading unit Bitkub Online to Technology Holdings in July 2023 The company Asphere Innovations later announced. At the time, the shares were worth 600 million baht (about $16.5). million.
Bitkub expects Bitkub Online's valuation to rise as the platform's trading volume approaches its highest level since the last cryptocurrency bull run in 2021, according to Jirayut . Bitkub Online accounts for about 80% of Bitkub Capital’s earnings.
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