Bitkub Capital Group Holdings, the leading cryptocurrency exchange in Thailand, has announced plans to go public on the Stock Exchange of Thailand (SET) in 2025. The move aims to raise capital and enhance Bitkub’s reputation in the market. CEO Jirayut Srupsrisopa revealed the company’s intentions and stated that they are in the process of hiring financial advisers to facilitate the initial public offering (IPO).
Despite reducing its headcount by 6% in 2022 and 2023, Bitkub is actively expanding its staff. The exchange plans to add 1,000 employees by 2025, doubling its current workforce of 2,000 people. This aggressive hiring strategy reflects Bitkub’s ambition to solidify its position as the dominant player in the Thai crypto market.
As of December 2023, Bitkub holds a 77% market share in Thailand, making it the largest crypto exchange in the country. It handles approximately $30 million in daily trading volumes. Other notable exchanges in Thailand include Upbit and Bitazza. However, Bitkub faces increasing competition from both global and local players in the Thai market. Binance, a major global rival, launched its local subsidiary in January 2024 and plans to open to the public later this year. Additionally, Kasikornbank, one of Thailand’s largest banks, acquired a majority stake in the Satang crypto exchange in October 2023.
Bitkub previously sold a 9.2% stake in its crypto exchange unit, Bitkub Online, to Asphere Innovations, a tech holding company, in July 2023. This stake was valued at 600 million baht ($16.5 million) at the time.