Thailand's cryptocurrency landscape is undergoing rapid transformation, with Bitkub Capital Group Holdings—the parent company of the nation’s largest digital asset exchange—stepping up its preparations for a major milestone: a planned initial public offering (IPO) on the Stock Exchange of Thailand (SET) in 2025. As part of this strategic push, the company is not only hiring financial advisors to guide the listing process but also aggressively expanding its workforce, signaling strong confidence in the future of blockchain technology and digital finance in Southeast Asia.
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Strategic Growth Amid Market Expansion
Bitkub CEO Jirayut Srupsrisopa confirmed in an April 1 statement to Bloomberg that the company aims to go public by 2025. The primary objectives behind the IPO are twofold: to raise fresh capital for innovation and infrastructure development, and to elevate Bitkub’s brand reputation as a trusted, regulated financial technology player in Thailand and beyond.
Despite reducing its workforce by 6% during the market downturns of 2022 and 2023, Bitkub has now reversed course with ambitious hiring goals. The exchange plans to add 1,000 new employees by 2025—effectively doubling its current team of 2,000 professionals. This expansion reflects both operational scaling and a commitment to enhancing customer experience, cybersecurity, product development, and regulatory compliance.
The hiring surge coincides with growing adoption of digital assets across Thailand. According to Statista, the country already has over 13 million crypto users, representing about 18% of its population. Forecasts suggest this number could reach 17.7 million by 2028, driven by increasing smartphone penetration, fintech innovation, and supportive government policies.
Dominating Thailand’s Crypto Market
Headquartered in Bangkok, Bitkub Online serves as the core trading arm of Bitkub Capital Group and accounts for approximately 80% of the parent company’s revenue. As of December 2023, it held a dominant 77% market share among Thai cryptocurrency exchanges, processing around $30 million in daily trading volume, according to data from HashKey.
This level of dominance hasn't gone unchallenged. International giants like Binance launched their localized Thai operations in January 2024, aiming to capture market share through localized services and compliance with local regulations. Meanwhile, domestic players such as Bitazza and Upbit (launched in 2021) continue to compete for user attention.
However, regulatory headwinds have reshaped the competitive field. Zipmex, once a major contender, suspended trading activities in November 2023 following enforcement actions by Thai regulators—a reminder of the importance of compliance in a maturing market.
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Recent Developments Fueling IPO Momentum
New details about Bitkub’s IPO roadmap emerged after a significant equity transaction in July 2023, when Bitkub sold a 9.2% stake in Bitkub Online to Asphere Innovations, a tech-focused holding company. The deal valued the stake at 600 million Thai baht (approximately $16.5 million), underscoring investor confidence even before the full public listing.
Jirayut noted that Bitkub Online's valuation is expected to rise further as trading volumes approach levels last seen during the peak of the 2021 bull market. With increasing user activity and expanding service offerings—including crypto-to-fiat gateways, NFT platforms, and blockchain-based payment solutions—the foundation for sustainable growth appears solid.
The IPO push follows earlier interest from traditional financial institutions. In 2022, SCB X—the digital arm of Siam Commercial Bank, Thailand’s largest bank by market value—abandoned a proposed 17.85 billion baht acquisition of a 51% stake in Bitkub Online due to heightened regulatory scrutiny. While the deal collapsed, it highlighted the convergence between legacy finance and digital asset ecosystems.
In another sign of institutional integration, Kasikornbank (KBank), one of Thailand’s top financial institutions, acquired a majority stake in Satang Pro, a local crypto exchange, in October 2023—further blurring the lines between traditional banking and blockchain-based financial services.
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Frequently Asked Questions (FAQ)
Q: When is Bitkub planning to go public?
A: Bitkub aims to list on the Stock Exchange of Thailand (SET) in 2025. The exact date will depend on regulatory approvals, market conditions, and preparation progress.
Q: How many employees does Bitkub plan to hire before its IPO?
A: The company plans to hire 1,000 new employees by 2025, doubling its current workforce from 2,000 to 3,000 staff members.
Q: What percentage of Thailand’s crypto market does Bitkub control?
A: As of late 2023, Bitkub held approximately 77% of the domestic cryptocurrency trading market share.
Q: Why did SCB X cancel its acquisition of Bitkub Online?
A: The $485 million deal was called off in 2022 due to increased regulatory scrutiny from Thai authorities over digital asset ownership and operational compliance.
Q: Is Binance operating legally in Thailand?
A: Yes, Binance launched its Thailand-specific subsidiary in January 2024 and plans to offer compliant crypto trading services tailored to local regulations.
Q: How many people in Thailand use cryptocurrency?
A: Over 13 million Thais—about 18% of the population—own or use cryptocurrency. Adoption is projected to grow to 17.7 million users by 2028.
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Final Outlook
Bitkub’s aggressive expansion strategy—combining workforce growth, technological investment, and a clear path toward public listing—positions it as a central player in Thailand’s financial evolution. As regulatory clarity improves and institutional participation deepens, the convergence of traditional finance and decentralized technologies is accelerating.
With strong user adoption, consistent trading volume, and strategic partnerships shaping its trajectory, Bitkub is more than just a crypto exchange—it’s becoming a cornerstone of Thailand’s digital economy. Its upcoming IPO could set a precedent for how blockchain-native companies transition into mainstream financial legitimacy across Southeast Asia.
For job seekers, investors, and tech enthusiasts alike, the developments at Bitkub offer valuable insights into how innovation, regulation, and market demand are redefining the future of money in one of Asia’s most dynamic economies.