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Bitkub Capital Group Plans IPO Amid Growing Competition in Thai Crypto Market

Bitkub is now recruiting financial advisers to assist with its upcoming IPO listing. Despite reducing its workforce by 6% in 2022 and 2023, the Thai exchange is actively increasing its staff.

Image Source: Topp Jirayut Srupsrisopa

In a recent interview with Bloomberg, the CEO of Bitkub Capital Group Holdings, Jirayut Srupsrisopa unveiled plans of an initial public offering (IPO) slated for 2025. The firm, proprietor of Thailand’s premier cryptocurrency exchange, aims to debut on the Stock Exchange of Thailand to solidify its presence and secure financial backing.

Additionally,  Bitkub is now recruiting financial advisers to assist with its upcoming IPO listing. Despite reducing its workforce by 6% in 2022 and 2023, the Thai exchange is actively increasing its staff. Srupsrisopa said that they aim to onboard 1,000 new employees by 2025, effectively doubling the current workforce of 2,000 individuals.

Bitkub hinted the possibility of an IPO in Thailand in a shareholder letter dated 2023, but refrained from providing a precise schedule.

Not to mention, in Southeast Asia's second-largest economy, competition is heating up. Earlier this year, Binance opened its Thailand exchange to the general public. This occurred two months after obtaining approval from the local Securities and Exchange Commission (SEC) to commence operations. Initially, the exchange launched on an "invitation only" basis, with intentions to open to the general public in 2024.


Edited by Harshajit Sarmah

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