According to Bloomberg, Bitkub Capital Group CEO Jirayut Srupsrisopa, the owner of the Thai cryptocurrency exchange Bitkub Online, intends to sell shares to the general public next year and is now seeking financial advisors.
Approximately 80% of the parent company’s profit is generated by Thailand’s largest cryptocurrency exchange, which is 9.2% owned by Asphere Innovations. The parent company is situated in Bangkok. Jirayut stated that the exchange’s initial public offering (IPO) is anticipated to be valued at approximately 6 billion baht ($165 million). According to Bloomberg, Bitkub Capital said in a 2023 letter to shareholders that it intended to sell shares to the general public, although it did not specify when.
The demand for access to trading accounts for cryptocurrencies has increased in tandem with the rise in bitcoin (BTC), which has gained 57% this year and a gauge of the larger crypto market has added 49%. According to Bloomberg, which cited data from the nation’s Securities and Exchange Commission (SEC), the quantity of active accounts in the nation hit its greatest point since September 2022 last month.
Bitkub is also up against other rivals. Gulf Innova and Binance, the largest cryptocurrency exchange in the world based on trading volume, launched Binance Thailand in January.
The SEC ruined the 2022 plan for Siam Commercial Bank (SCB), the oldest lender in Thailand, to purchase 51% of Bitkub Online for 17.85 billion baht. Bitkub was a part of a group that the SEC sued in September 2022 for allegedly manipulating trade volumes.