Ahead of IPO, Thailand’s largest cryptocurrency exchange embarks on a hiring frenzy

Bitkub Capital Group Holdings, the company that owns Thailand’s biggest cryptocurrency exchange, is enlisting the help of financial advisors as it prepares for its initial public offering (IPO) on the Stock Exchange of Thailand (SET) in 2025, according to CEO Jirayut Srupsrisopa. The IPO is aimed at raising funds and enhancing Bitkub’s reputation. Despite reducing its workforce by 6% in 2022 and 2023, Bitkub is actively hiring new employees and plans to double its current staff of 2,000 to 4,000 by 2025. Bitkub had previously announced its intention to go public in Thailand in a shareholder letter in 2023. As of December 2023, Bitkub commands a 77% market share in Thailand, making it the largest crypto exchange in the country. It handles a daily trading volume of approximately $30 million. Other major Thai crypto exchanges include Upbit, Bitazza, and Zipmex, although Zipmex halted trading activities in November 2023 due to regulatory pressure. Thailand has emerged as a significant player in the cryptocurrency industry, with over 13 million crypto users accounting for around 18% of the population in 2023. This number is projected to reach 17.7 million users by 2028. As competition increases, cryptocurrency firms are vying for market share in Thailand. Global rival Binance launched its local subsidiary in January 2024 and plans to open to the public later in the year. In October 2023, Kasikornbank, one of Thailand’s largest banks, acquired a majority stake in the Satang crypto exchange. Bitkub recently sold a 9.2% stake in its crypto exchange unit, Bitkub Online, to Asphere Innovations for 600 million baht ($16.5 million). The company expects Bitkub Online’s valuation to rise as trading volumes on the platform approach levels not seen since the 2021 crypto bull market. Bitkub Online accounts for approximately 80% of Bitkub Capital’s earnings. In 2022, SCB X, a financial firm that owns Thailand’s largest bank, canceled its plan to acquire a 51% stake in Bitkub Online due to increased regulatory scrutiny.