In an ambitious move signaling growth and resilience, Bitkub Capital Group Holdings, Thailand’s premier cryptocurrency exchange, is ramping up its workforce and enlisting financial experts as it eyes a groundbreaking initial public offering (IPO) on the Stock Exchange of Thailand by 2025. This strategic initiative, spearheaded by CEO Jirayut Srupsrisopa, is designed not only to raise crucial capital but also to enhance Bitkub’s stature in the competitive crypto marketplace.
Despite a previous reduction in staff numbers by 6% over 2022 and 2023, Bitkub is now on a recruitment drive, aiming to bolster its team by adding 1,000 new members by 2025. This surge in hiring would effectively double its current staff size, underlining the exchange’s commitment to growth and innovation.
With its headquarters in Bangkok, Bitkub dominates the Thai cryptocurrency scene, boasting a 77% market share as of December 2023, facilitated by daily trading volumes around $30 million. The exchange’s dominance comes amidst a burgeoning crypto ecosystem in Thailand, which has seen a sharp increase in crypto users, projected to reach 17.7 million by 2028.
The news of Bitkub’s IPO plans follows the company’s strategic move in July 2023, when it sold a 9.2% stake in Bitkub Online, its exchange unit, to Asphere Innovations for approximately $16.5 million. This sale, among other factors, is expected to significantly boost Bitkub Online’s valuation, especially as trading volumes approach the highs witnessed during the last crypto bull market in 2021.
Bitkub’s journey towards an IPO has not been without challenges. Notably, a major acquisition deal by SCB X for a 51% stake in Bitkub Online was called off in 2022 amidst growing regulatory scrutiny. However, the firm’s relentless expansion and strategic partnerships, including new competitors like Binance’s local subsidiary and Kasikornbank’s acquisition of Satang crypto exchange, reflect a vibrant and evolving landscape in Thailand’s cryptocurrency sector, setting the stage for Bitkub’s anticipated public market debut.