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Bitkub Eyes 2025 IPO Amid Crypto Competition

The powerhouse behind Bitkub, Thailand's premier cryptocurrency exchange, unveiled embarking on initial public offering
April 2, 2024

In a strategic move that underscores its ambitions in the burgeoning cryptocurrency landscape, Bitkub Capital Group Holdings, the parent company of Thailand's leading crypto exchange Bitkub, has announced plans to go public with an initial public offering (IPO) in 2025. CEO Jirayut Srupsrisopa shared this revelation in an exclusive interview with Bloomberg, revealing the company's intention to list on the Stock Exchange of Thailand.

Preparations for the IPO are already underway, with Bitkub actively engaging financial advisers to facilitate the listing process. This development follows earlier hints from Bitkub, articulated in a shareholder letter in 2023, signaling the company's desire to pursue an IPO in Thailand, albeit without a specified timeframe.

As Bitkub gears up for its public debut, it faces intensified competition within Thailand's crypto trading arena. Rivals like Binance and Kasikornbank Pcl have been aggressively vying for market share, heightening the competitive landscape over the past six months. Despite this, Bitkub remains optimistic, buoyed by the surge in active crypto trading accounts in Thailand, which hit 238,000 in March, the highest level since September 2022, as reported by the Securities and Exchange Commission.

In a strategic move to bolster its position, Bitkub sold a 9.2% stake in its crypto exchange unit, Bitkub Online Co., to Asphere Innovations Pcl for 600 million baht ($16.5 million) in July last year. This transaction, coupled with Bitcoin's recent rally to record highs, has reignited optimism within the company. Jirayut anticipates a surge in Bitkub Online's valuation, propelled by soaring trading volumes reminiscent of the previous crypto bull market in 2021.

Furthermore, Bitkub is in expansion mode, aiming to increase its workforce to 3,000 employees by 2025, up from the current 2,000, signaling its commitment to growth and market dominance.

Amidst these developments, the regulatory landscape in Thailand is also evolving to accommodate the burgeoning crypto industry. The Securities and Exchange Commission has revised investment criteria for digital tokens, easing restrictions previously imposed on retail investors. Notably, the commission has lifted investment caps for digital tokens backed by real estate or infrastructure operations, fostering a more conducive environment for crypto investment.

Moreover, Thailand's Finance Ministry has announced tax exemptions on digital asset trading, suspending the requirement to pay value-added tax (VAT) on income derived from cryptocurrency and digital token trading, a move aimed at positioning Thailand as a leading digital asset hub.

As Bitkub charts its course towards an IPO amidst evolving regulatory dynamics and heightened competition, the company remains poised to play a pivotal role in shaping Thailand's crypto landscape and beyond.

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