A cryptocurrency exchange called Bitkub is planning to list shares on the Thailand stock exchange in 2025. For this event, the firm has announced hiring 1000 employees before the IPO launch as per a new Cointelegraph article published on 1st April, 2024.
As per the news, Bitkub Capital Group Holdings that operates one of the biggest exchange platforms in the country is now hiring.
Bitkub’s IPO Listing
The new hires are going to be financial advisors who will facilitate the firm through the Initial Public Offering (IPO) listing. Bitkub is working on launching shares on Thai Stock Exchange (SET) next year. CEO Jirayut Srupsrisopa spoke with Bloomberg on 1st April noting that the upcoming public listing event will raise new capital and improve Bitkub’s portfolio.
However, the exchange has a list of various tasks to complete before the upcoming IPO event. As part of its public listing, the firm has continued to expand the staff after slashing out 6% of the workforce in 2022 and 2023.
Jirayut noted that the firm is looking to hire as many as 1000 new employees before next year that will double its existing headcount. The firm was planning to go ahead with an IPO in 2023 as per a shareholder letter on the matter.
Bitkub Holds 77% of Crypto Market Share in Thailand
As per the Cointelegraph article, Bitkub is the largest crypto exchange operating in Thailand holding more than 77% of the market share since 2023. The exchange manages around $30 million in daily trading volume as per data projections from HashKey.
The second largest Thai exchange is called Upbit that was introduced in 2021. Some of the other firms in the same sector are Bitazza and Zipmex.
Zipmex halted trading activities in November, 2023 on account of regulatory pushback from Thai authorities. The platform has emerged as one of the major cryptocurrency platforms during the years with more than 13 million cryptocurrency account holders since 2023.
The number accounts for 18% of Thailand’s total population as per Statista. The platform has noted that the figure can grow up to 18 million users by 2028.
Amidst the growing market competition, various cryptocurrency firms are working to divide the market share from Bitkub. Binance has emerged as one of the major rivals that opened the Thai branch in January, 2024 and the firm has plans to go public in the same year.
Bitkub’s IPO intends to sell the 9.2% stake in the firm to Asphere Innovations in July, 2023. The stake called Bitkub Online was valued at around 600 milion baht or $16.5 million at the time.
Bitkub Online Monetary Value
Bitkub CEO Jiryut spoke with Cointelegraph commenting on the value of Bitkub Online’s monetary value. The executive said that the value of the stake is expected to grow in line with the trading volumes on the platform.
He further stated that trading volume on the exchange has continued to gain momentum on account of the cryptocurrency bull market to the highest level for the first time since 2021. Bitkub Online holds 80% of the Bitkub capital.
SCB X is a financial institution hailing from Thailand that owns and operates the biggest national bank in the region as of 2022. The firm reportedly cancels plans to acquire a 51% stake in Bitkub Online in a 17.85 billion baht deal on account of regulatory constraints.
The Commercial banking firm decided against the deal on account of concerns raised by the Securities and Exchange Commission.
The bank noted that the firm is in the process of solving various issues as per SEC recommendations. The SCB carried out a due diligence exercise in 2021 on the exchange platform to become a majority stakeholder before its board of directors passed a resolution to terminate the contract in the beginning of April, 2024.
The bank noted that it has maintained its strategic plans to expand operations in terms of blockchain technology and digital assets.
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