Bitkub Capital Group Holdings, the parent company of Thailand's largest cryptocurrency exchange, is in the process of hiring financial advisers as part of its preparations for an initial public offering (IPO). According to Bitkub CEO Jirayut Srupsrisopa, the company aims to list on the Stock Exchange of Thailand (SET) in 2025. This strategic move is intended to not only raise new capital but also enhance Bitkub's visibility and reputation in the market.
Despite a 6% reduction in headcount during 2022 and 2023, Bitkub is actively expanding its workforce in preparation for its IPO. Jirayut revealed that the exchange plans to double its current staff count of 2,000 by adding 1,000 new employees by 2025. This expansion underscores Bitkub's commitment to scaling its operations and maintaining its position as a leading player in Thailand's cryptocurrency landscape.
Bitkub's IPO plans were initially announced in a shareholder letter in 2023, although specific details were not disclosed at the time. Headquartered in Bangkok, Bitkub holds a dominant market share of 77% in Thailand's cryptocurrency exchange sector as of December 2023, as reported by HashKey. With a daily trading volume of approximately $30 million, Bitkub plays a significant role in facilitating cryptocurrency transactions within the country.
While Bitkub remains a key player, it faces competition from other major Thai cryptocurrency exchanges such as Upbit, Bitazza, and Zipmex. However, Zipmex suspended its trading activities in November 2023 amid regulatory pressures. Thailand has emerged as a prominent hub for cryptocurrency adoption, boasting over 13 million crypto users, which accounts for approximately 18% of the total population as of 2023. This figure is projected to grow to 17.7 million users by 2028, according to Statista data.
The landscape of Thailand's cryptocurrency market continues to evolve, with global players like Binance establishing local subsidiaries and major banks like Kasikornbank acquiring stakes in local exchanges. Bitkub's IPO aspirations come on the heels of its sale of a 9.2% stake in its cryptocurrency trading arm, Bitkub Online, to technology holding company Asphere Innovations in July 2023. As trading volumes on Bitkub Online surge, Bitkub anticipates a rise in its valuation, reaffirming its position as a significant contributor to Bitkub Capital's overall earnings.
