Bitkub Capital Group Holdings, owner of Thailand's largest cryptocurrency exchange, is actively hiring financial advisors to facilitate its planned Initial Public Offering (IPO) while simultaneously expanding its workforce by 1,000 employees.
Strategic Expansion for SET Listing
CEO Jirayut Srupsrisopa revealed to Bloomberg on April 1st that Bitkub targets a 2025 listing on the Stock Exchange of Thailand (SET), aiming to:
- Raise fresh capital
- Enhance corporate credibility
- Strengthen market position
Despite reducing staff by 6% during 2022-2023, the exchange has reversed course with aggressive recruitment efforts to double its current 2,000-person workforce.
Market Dominance in Thailand's Crypto Landscape
Key metrics positioning Bitkub as Thailand's crypto leader:
- 77% market share (as of December 2023 per HashKey data)
- $30 million daily trading volume
- 80% revenue contribution from Bitkub Online platform
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Competitive Landscape
Major regional competitors include:
| Exchange | Launch Year | Status |
|---|---|---|
| Upbit | 2021 | Active |
| Bitazza | - | Active |
| Zipmex | - | Suspended (Nov 2023) |
Thailand's Booming Crypto Adoption
The country demonstrates remarkable crypto penetration:
- 13 million+ users (18% population)
- Projected 17.7 million users by 2028 (Statista)
Rising institutional interest:
- SCB X's cancelled 2022 acquisition
- Kiatnakin Bank's Satang acquisition (Oct 2023)
- Binance Thailand's 2024 launch
IPO Preparation Timeline
- 2023: Initial IPO announcement in shareholder letter
- July 2023: Sold 9.2% of Bitkub Online (฿600M valuation)
- 2024: Financial advisor recruitment
- 2025: Targeted SET listing
Valuation Optimism
Jirayut cites recovering trading volumes nearing 2021 bull market levels as justification for anticipated valuation growth.
Frequently Asked Questions
Q: Why did SCB X cancel its Bitkub acquisition?
A: The 2022 deal termination resulted from intensified regulatory scrutiny on crypto operations.
Q: How does Bitkub maintain market dominance?
A: Through first-mover advantage, localized services, and continuous platform enhancements.
Q: What risks should investors consider?
A: Crypto market volatility, regulatory changes, and intense competition from global players.
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This analysis presents market observations only—not investment advice. Always conduct independent research.