Thailand’s Largest Crypto Exchange Expands Ahead of Planned 2025 IPO

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Bitkub's Market Dominance and Growth Trajectory

Bitkub, headquartered in Bangkok, stands as Thailand’s largest cryptocurrency exchange, commanding an impressive 77% market share as of December 2023, according to data from HashKey. With daily trading volumes reaching approximately $30 million, the platform has solidified its position at the forefront of the nation’s rapidly expanding digital asset ecosystem.

The exchange operates under Bitkub Capital Group Holdings, which is now preparing for a major milestone: an initial public offering (IPO) on the Stock Exchange of Thailand (SET) targeted for 2025. This strategic move aims to raise fresh capital, enhance corporate transparency, and elevate the company’s public profile in alignment with growing regulatory expectations.

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Preparing for Public Listing: Strategic Hiring and Expansion

In pursuit of its IPO goals, Bitkub has engaged financial advisors to guide the listing process—a clear signal of its commitment to regulatory compliance and long-term sustainability. Despite reducing its workforce by 6% during the challenging market conditions of 2022 and 2023, the company is now aggressively expanding its team.

CEO Jirayut Srupsrisopa confirmed in an April 1 interview with Bloomberg that Bitkub plans to hire 1,000 new employees by 2025, effectively doubling its current headcount from 2,000 to 3,000. This hiring spree underscores the company’s confidence in Thailand’s crypto adoption trends and its ambition to scale operations ahead of going public.

The expansion isn’t limited to staffing alone. Bitkub is also investing heavily in technology infrastructure, customer support, and compliance frameworks—key areas scrutinized by regulators and investors alike during public listings.

Thailand’s Rising Crypto Adoption Fuels Competition

Thailand has emerged as a key player in Southeast Asia’s cryptocurrency landscape. According to Statista, the country had over 13 million crypto users in 2023—nearly 18% of its population—with projections estimating this number will rise to 17.7 million by 2028. This surge in adoption has attracted both domestic innovation and international interest.

While Bitkub dominates the local market, competition is intensifying. Notable rivals include:

Additionally, global giant Binance officially launched its Thai subsidiary in January 2024, aiming to serve local users later this year. Meanwhile, Kasikornbank—one of Thailand’s largest financial institutions—acquired a majority stake in Satang Pro exchange in October 2023, signaling strong institutional confidence in the sector.

These developments highlight how traditional finance and blockchain innovation are converging in Thailand, creating a dynamic environment where user trust, regulatory alignment, and technological excellence determine market leadership.

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Financial Performance and Valuation Outlook

A significant portion of Bitkub Capital’s revenue—approximately 80%—comes from its core trading platform, Bitkub Online. In July 2023, the company sold a 9.2% stake in Bitkub Online to Asphere Innovations, a tech holding firm, for 600 million Thai baht (about $16.5 million). At the time, this implied a valuation of roughly $180 million for the trading arm.

However, CEO Jirayut indicated that Bitkub expects this valuation to rise significantly, driven by increased trading activity approaching levels last seen during the 2021 bull market. As crypto markets rebound globally, higher transaction volumes directly translate into stronger revenue generation and improved profitability—critical metrics for any pre-IPO company.

Notably, plans for a much larger acquisition fell through in 2022 when SCB X, a fintech arm linked to Thailand’s largest bank by market value, withdrew its proposed 17.85 billion baht purchase of a 51% stake in Bitkub Online due to heightened regulatory scrutiny. This event underscored the delicate balance between rapid growth and compliance in a maturing regulatory environment.

Regulatory Landscape and Future Outlook

Thailand’s Securities and Exchange Commission (SEC) has taken a proactive approach to regulating digital assets, implementing licensing requirements, investor protection rules, and anti-money laundering protocols. For Bitkub, navigating this landscape successfully positions it not just as a market leader but as a model for compliant crypto operations in emerging markets.

Its upcoming IPO represents more than a capital-raising event—it symbolizes a shift toward mainstream acceptance of cryptocurrencies within traditional financial systems. By aligning with stock exchange standards, Bitkub aims to build greater trust among retail investors, institutional partners, and regulators.

Moreover, the planned workforce expansion reflects broader industry trends: as crypto platforms mature, they increasingly resemble traditional financial institutions in structure, governance, and operational scale.

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 and market conditions.

Q: How many employees does Bitkub currently have?
A: As of early 2024, Bitkub employs around 2,000 people and plans to hire 1,000 more by 2025.

Q: What percentage of Thailand’s crypto market does Bitkub control?
A: Bitkub holds approximately 77% of the Thai cryptocurrency trading market as of December 2023.

Q: Why did SCB X cancel its acquisition of Bitkub Online?
A: The deal was called off in 2022 due to increased regulatory scrutiny over cryptocurrency businesses in Thailand.

Q: Is Bitkub profitable?
A: While full financial statements aren’t publicly available, Bitkub Online contributes about 80% of Bitkub Capital’s revenue and shows strong trading volume recovery, indicating positive financial performance.

Q: How does Bitkub compare to other exchanges like Binance in Thailand?
A: Though Binance is entering the Thai market through a local subsidiary, Bitkub maintains dominance due to its established user base, regulatory compliance, and localized services.

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