Bitkub Online, the leading cryptocurrency exchange platform in Thailand, has announced its plans for an initial public offering (IPO) next year. Bitkub Capital Group, the owner of Bitkub Online, recently confirmed their intention to go public, with an estimated valuation of 6 billion bahts (approximately 160 million euros).
🇹🇭 The largest crypto exchange in Thailand, Bitkub, plans to go public.
— Coin Academy (@coinacademy_fr) April 1, 2024
Bitkub Online’s Growth and Challenges Before Its IPO
Bitkub Online is the main profit driver for its parent company, contributing approximately 80% of its earnings. As the platform holds a significant share of the Thai market, with 9.2% of its shares owned by Asphere Innovations, it is preparing for this strategic transition by seeking financial advisors. This move comes at a time when the demand for cryptocurrency trading accounts is soaring in Thailand, driven by the remarkable performance of Bitcoin and the rest of the market this year.
The Competitive and Regulatory Landscape in Asia
However, the path to the IPO is not without hurdles for Bitkub. The platform faces increased competition, especially with the arrival of Binance Thailand, a collaboration between the global cryptocurrency exchange giant Binance and Gulf Innova.
In addition, a planned acquisition in 2022 by the Siam Commercial Bank, Thailand’s oldest bank, was abandoned due to intervention from the country’s Securities and Exchange Commission (SEC). More recently, Bitkub has been involved in a legal dispute with the SEC, accused of artificially inflating its trading volumes.
