Thailand's largest cryptocurrency exchange ramps up hiring prior to IPO

Thailand's largest cryptocurrency exchange ramps up hiring prior to IPO

Bitkub Capital Group Holdings, the powerhouse behind Thailand’s premier cryptocurrency exchange, is strategically enlisting financial advisers to orchestrate its forthcoming initial public offering (IPO) listing.

CEO Jirayut Srupsrisopa, in an authoritative statement to Bloomberg on April 1, affirmed Bitkub's determined intention to debut on the esteemed Stock Exchange of Thailand (SET) in 2025. This bold move is poised to not only infuse Bitkub with fresh capital but also to elevate its stature within the financial landscape.

Undeterred by past adjustments, Bitkub is actively fortifying its ranks, aiming to augment its workforce despite a 6% reduction in headcount over the previous years. Jirayut disclosed plans to swell the staff to 1,000 by 2025, effectively doubling its current roster of 2,000.

The aspiration for an IPO was first hinted at in Bitkub's 2023 shareholder letter, a testament to its strategic foresight without divulging specifics.

Nestled in the vibrant hub of Bangkok, Bitkub commands an impressive 77% market share as of December 2023, as reported by HashKey. Its daily trading volumes, hovering around $30 million, underscore its formidable presence.

Though competitors like Upbit, Bitazza, and Zipmex vie for attention, Bitkub remains unrivaled, with Zipmex halting operations in November 2023 amidst regulatory pressures.

Thailand's burgeoning crypto landscape, boasting over 13 million users by 2023, has catalyzed a race for dominance, attracting global giants like Binance, which recently established a local subsidiary, and local heavyweights like Kasikornbank, which acquired a majority stake in Satang in October 2023.

Bitkub's IPO ambitions come hot on the heels of a strategic move wherein it divested a 9.2% stake in its crypto exchange arm, Bitkub Online, to Asphere Innovations in July 2023. This maneuver, valued at 600 million baht or $16.5 million, hints at Bitkub's unwavering confidence in its future prospects.

Jirayut anticipates a surge in Bitkub Online's valuation, as trading volumes approach preeminent levels reminiscent of the 2021 crypto bull market. Notably, Bitkub Online accounts for a lion's share of Bitkub Capital's earnings.

Despite regulatory turbulence, exemplified by SCB X's aborted bid to acquire a majority stake in Bitkub Online in 2022, Bitkub remains steadfast in its pursuit of excellence, poised to redefine the contours of Thailand's crypto landscape.