Thailand’s Top Crypto Exchange Ramps Up Hiring Ahead of IPO

Bitkub Capital Group Holdings, the largest cryptocurrency exchange in Thailand, is in the process of hiring financial advisers as it prepares to go public on the Stock Exchange of Thailand (SET) in 2025. The CEO of Bitkub, Jirayut Srupsrisopa, stated that the purpose of the IPO listing is to raise new capital and increase the company’s visibility. Despite having reduced its headcount by 6% in 2022 and 2023, Bitkub is actively expanding its staff and plans to add 1,000 employees by 2025, doubling its current workforce of 2,000 people. Bitkub initially announced its plans to launch an IPO in Thailand in a shareholder letter in 2023, but did not disclose any specifics.

Based in Bangkok, Bitkub holds 77% of the market share in the Thai crypto exchange industry, as of December 2023. It handles around $30 million in daily trading volumes. Other notable crypto exchanges in Thailand include Upbit, which launched in 2021, as well as Bitazza and Zipmex. Zipmex temporarily stopped its trading activities in November 2023 due to regulatory actions. Thailand has become a prominent player in the crypto market in recent years, with over 13 million crypto users as of 2023, accounting for roughly 18% of the country’s population. It is projected that this number will reach 17.7 million users by 2028.

In response to increasing competition from other crypto firms in Thailand, Bitkub is aiming to maintain its market share. Binance, a major global rival, established its local subsidiary in January 2024 and plans to open to the public later that year. Kasikornbank, one of Thailand’s largest banks, acquired a majority stake in the Satang crypto exchange in October 2023.

The updated information about Bitkub’s IPO plans follows the sale of a 9.2% stake in its crypto exchange unit, Bitkub Online, to Asphere Innovations, a tech holding company, in July 2023. The stake was valued at 600 million baht ($16.5 million). According to Jirayut, Bitkub anticipates a rise in Bitkub Online’s valuation as trading volumes on the platform approach levels not seen since the last crypto bull market in 2021. The earnings of Bitkub Capital are largely derived from Bitkub Online, accounting for approximately 80% of the company’s total earnings.

It is worth mentioning that in 2022, SCB X, a financial firm that owns Thailand’s largest bank by market value, abandoned its plan to acquire a 51% stake in Bitkub Online for 17.85 billion baht due to heightened regulatory scrutiny.