Bitkub, Thailand’s leading cryptocurrency exchange, has revealed ambitious plans for a public offering in 2025. This strategic move is set to enhance the company’s market presence and potentially value the exchange at approximately 6 billion baht ($165 million). The announcement was made by Jirayut Srupsrisopa, the CEO of Bitkub Capital Group, the parent company of Bitkub Online, during an interview with Bloomberg.
Riding the Wave of Cryptocurrency Demand
Bitkub’s journey towards an IPO coincides with a significant uptick in the demand for cryptocurrency trading accounts, driven by the remarkable performance of Bitcoin and the broader crypto market this year. Bitcoin’s value surged by 57%, while the overall crypto market experienced a 49% increase, leading to the highest number of active accounts in Thailand since September 2022. This surge in interest underscores the growing appetite among investors and the public for digital currencies and the platforms that facilitate their trade.
Overcoming Challenges and Facing Competition
Despite the optimism surrounding its IPO, Bitkub navigates through a competitive landscape marked by the entry of Binance Thailand, a collaboration between the world’s largest crypto exchange by trading volume and Gulf Innova. Additionally, Bitkub’s plans have not been without hurdles. A notable setback occurred when a proposed acquisition by Siam Commercial Bank (SCB), Thailand’s oldest lender, was halted by the Securities and Exchange Commission (SEC). Furthermore, Bitkub faced legal challenges in September 2022, when it was included in a lawsuit by the SEC for allegedly manipulating trading volumes.
The company’s resilience in overcoming these obstacles and its continued dominance in Thailand’s crypto market, accounting for about 80% of its parent company’s profit, underscores its potential for a successful IPO. With a significant ownership stake of 9.2% held by Asphere Innovations, Bitkub is well-positioned to navigate the complexities of the public market and capitalize on the burgeoning interest in cryptocurrency trading.
