Crypto exchange Bitkub plans IPO next year
Crypto exchange Bitkub plans IPO next year
Thailand's largest crypto exchange, Bitkub, has announced its plans to hold an initial public offering (IPO) in 2025.
Bitkub intends to raise the company's profile and hold the IPO on the Stock Exchange of Thailand, Bloomberg reported.
Bitkub CEO Jirayut Srupsrisopa said the company is hiring financial advisors for the IPO.
Bitkub shareholders were informed in 2023 that the management of Bitkub Capital, which owns the Bitkub Online cryptocurrency exchange, planned to go public, but visible steps are only now being taken.
The exchange is expected to be valued at around 6 billion baht ($165 million) at the IPO.
Crypto trading is growing in popularity in Asia, drawing the attention of companies in the sector to the region. Competition among crypto exchanges in Southeast Asia is intensifying. Over the past six months, Binance and Kasikornbank Pcl have attempted to redistribute the market and steal some volume from Bitkub.
The Securities and Exchange Commission estimated the number of cryptocurrency accounts in Thailand at 238,000 in March.
Jirayut said he estimated that the value of Bitkub Online, which was valued at around 6 billion baht in the deal, should rise as trading volumes on the platform have been steadily increasing and could reach 2021 figures.
Amid the general optimism of the crypto market, where Bitcoin could set new historical records, Bitkub Online brings Bitkub Capital nearly 80% of its revenue.
Bitkub is now expanding its workforce. According to Jirayut, the company plans to increase its workforce by 50% to 3,000 employees by 2025.
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