- Bitkub plans IPO for 2025, aiming for $165 million valuation.
- The exchange accounts for 80% of parent company’s profit.
- Bitkub faces growing competition, notably from Binance Thailand.
Bitkub, Thailand’s leading cryptocurrency exchange, is preparing for an initial public offering (IPO) in 2025.
The exchange’s parent company, Bitkub Capital Group, is currently in the process of hiring financial advisers to facilitate the public offering, according to CEO Jirayut Srupsrisopa.
Valuation ownership structure
The IPO is expected to value Bitkub at approximately 6 billion baht ($165 million). Bitkub Capital Group had previously indicated its intention to sell shares to the public in a 2023 letter to shareholders without specifying a timeframe.
The exchange accounts for around 80% of the Bangkok-based parent’s profit and is 9.2% owned by Asphere Innovations.
Growing demand in Thailand’s crypto market
Demand for cryptocurrency trading accounts in Thailand has risen alongside the gains in Bitcoin (BTC) and the broader crypto market.
The country’s Securities and Exchange Commission (SEC) reported that the number of active accounts reached its highest level since September 2022 last month.
Bitkub faces increased competition, notably from Binance Thailand, a venture between the world’s largest crypto exchange by trading volume and Gulf Innova, which opened for business in January.
