Bitkub Capital, the owner of Bitkub Online, one of Thailand’s largest crypto exchanges, has announced plans to launch an initial public offering (IPO) in 2025. The IPO is estimated to value the exchange at approximately 6 billion baht ($165 million). Bitkub Capital is currently in the process of hiring financial advisers for the IPO.
Bitkub Online is the dominant player in Thailand’s cryptocurrency market, contributing about 80% of its parent company’s profits. It is also 9.2% owned by Asphere Innovations. Earlier this year, Bitkub Capital expressed its intention to go public in a letter to shareholders, without specifying a timeline.
The demand for cryptocurrency trading accounts in Thailand has surged along with the rising price of Bitcoin, which has increased by 57% this year. In fact, the number of active accounts in the country reached its highest level since September 2022, according to data from Thailand’s Securities and Exchange Commission (SEC).
Despite its leading position, Bitkub faces growing competition in Thailand’s crypto market. In January, Binance Thailand, a partnership between Binance (the world’s largest crypto exchange by trading volume) and Gulf Innova, entered the market.
Bitkub Online has also dealt with regulatory challenges in the past. A proposed deal for the oldest lender in Thailand, Siam Commercial Bank (SCB), to acquire a 51% stake in Bitkub Online for 17.85 billion baht was terminated after the SEC expressed concerns. Furthermore, in September 2022, Bitkub was sued by the SEC along with a group of exchanges for allegedly manipulating trading volumes.
Overall, Bitkub’s IPO plans reflect the growing interest and demand for cryptocurrencies in Thailand, as well as the need for increased transparency and accountability within the crypto industry.