Bitkub Capital Group Holdings, the owner of Thailand’s biggest crypto exchange, is planning an initial public offering for 2025, chief executive officer Jirayut Srupsrisopa said in an interview on Monday, Bloomberg reported.
Jirayut said Bitkub plans to go public on the Stock Exchange of Thailand in a bid to boost the company’s profile and raise money. Bitkub is in the process of hiring financial advisers for the listing, he reportedly said.
Bitkub had earlier signaled plans to pursue an IPO in Thailand in a 2023 shareholder letter, but without specifying a target time frame, the report added.
In July last year, Bitkub sold a 9.2 percent stake in Bitkub Online Co, its crypto exchange unit, to Asphere Innovations Pcl for 600 million baht. Jirayut said he expects Bitkub Online’s valuation, pegged at about six billion baht in the deal, to rise as trading volumes on the platform near levels not seen since the last crypto bull market in 2021.
Bitkub Online accounts for roughly 80 percent of Bitkub Capital’s earnings.
SCB X Pcl, a financial company that controls the nation’s largest bank by market value, in 2022 scrapped a 17.85 billion baht plan to acquire a 51 percent stake in Bitkub Online amid increased regulatory scrutiny.