12-4-2024 (BANGKOK) Bitkub Capital Group, the parent company of Thailand’s largest cryptocurrency exchange Bitkub Online, is setting its sights on a potential valuation of up to $3 billion as it prepares for an initial public offering (IPO) next year. This ambitious target was revealed by Bitkub Capital Group’s CEO, Jirayut Srupsrisopa, in a recent LinkedIn message.
In 2023, Bitkub Capital signalled its intention to take the Bangkok-based crypto exchange public through a letter to shareholders, although no specific timeframe was provided. However, Jirayut confirmed earlier this month that an IPO is planned for 2024, and the company is currently in the process of hiring financial advisers to guide the process.
Bitkub Online, which accounts for approximately 80% of Bitkub Capital Group’s profits, is 9.2% owned by Asphere Innovations. During a Series A fundraising round in July last year, the cryptocurrency exchange was valued at around 6 billion baht (approximately $165 million), according to Jirayut.
Projecting a potential IPO valuation, the CEO stated, “A price-to-earnings ratio of 10-30 would put our valuation between 1 billion – 3 billion US dollars.” However, he did not disclose the amount the company aims to raise through the public offering.
Bitkub Online’s ascent to become Thailand’s leading cryptocurrency exchange has been meteoric, capitalizing on the surging popularity of digital assets in the country. The exchange’s success has propelled Bitkub Capital Group into the spotlight, fueling its ambitions for a high-profile public listing.
As the Thai cryptocurrency market continues to evolve and attract increasing interest from investors, Bitkub Capital Group’s IPO plans could potentially solidify its position as a dominant player in the region’s burgeoning digital asset industry.
While the specifics of the IPO, including the targeted raise and valuation, remain undisclosed, the company’s ambitious valuation target underscores its confidence in the growth prospects of the Thai cryptocurrency market and its own position within it.
Industry observers will be closely monitoring the progress of Bitkub Capital Group’s IPO plans, as a successful public offering could pave the way for further maturation and mainstream adoption of digital assets in Thailand and potentially inspire other regional players to follow suit.
