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In a move that could significantly boost Thailand's cryptocurrency industry, Bitkub, the country's top crypto exchange, plans to go public in 2025 on the Stock Exchange of Thailand.
Bitkub Capital Group Holdings, the parent company of Bitkub, is looking to raise funds and elevate its profile through the IPO, chief executive officer Jirayut Srupsrisopa told Bloomberg on Monday.
Srupsrisopa said he expect the company's valuation, currently at 6 billion baht ($160 million), to rise in the lead-up to the listing, as trading volumes pick up amid renewed interest in the space.
The platform has over 4.5 million registered users, according to its website.
This news comes amid a period of rapid growth for Bitkub. The company has been expanding its workforce in anticipation of the IPO, and it is citing a surge in active trading accounts as a sign of the Thai crypto market's potential. It aims to icrease its headcount to 3,000 from 2,000 currently.
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Positive Sign for Thailand's Crypto Industry
Bitkub's decision to go public is seen as a positive sign for Thailand's cryptocurrency industry. It suggests that the industry is maturing and gaining mainstream acceptance. The IPO could also attract more investment into the Thai crypto market, which could further accelerate its growth.
But while Bitkub's IPO is a positive development, the company faces stiff competition from other cryptocurrency exchanges. Binance, the world's largest crypto exchange, is already well-established in Thailand, and Kasikornbank Pcl, a major Thai bank, is also making inroads into the crypto market. This competition is likely to intensify in the coming years, as all three companies vie for a larger share of the market.
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