Bitkub Capital Group Holdings, the leading owner of a cryptocurrency exchange in Thailand, says it has a target of listing for the year 2025. Led by CEO Jirayut Srupsrisopa, the strategic move is intended to position Bitkub as a leader and secure funds for continued expansion in the midst of greater competition within the cryptocurrency trading industry.
To manage the difficulties of the IPO process, Bitkub is actively seeking financial advisors who demonstrate a thoughtful approach to public offering. This is based on a sketch of IPO intentions in a 2023 shareholders’ letter, highlighting the company’s visionary approach and commitment to expansion.
Bitkub faces rivals in growing crypto market
In the ever-growing cryptocurrency trading sector in Thailand, with the likes of Binance and Kasikornbank Pcl appearing as some of the competitors, Bitkub finds itself in an extremely competitive landscape. The latest data from the SEC shows an increase in active cryptocurrency trading accounts, porting to the growing demand in the market. The bold regulatory actions of Thailand, such as the removal of VAT on cryptocurrency trading, only reinforce such a competitive story.
Therefore, Bitkub will then need to carefully place itself in the market in order to have market dominance and growth momentum. However, there are challenges such as regulatory challenges, unsuccessful acquisition episodes, and hurdles to Bitkub’s sustainability growth and leadership attainment.
Bitkub sells shares to boost market position
Following the strategic direction, Bitkub has seen radical financial and operational changes to fortify its position in the market. It is interesting to mention that the company accomplished a strategic disposition by selling 9.2% of its shares in Bitkub Online Co. to Asphere Innovations Pcl for a large sum of 600 million Baht ($16.5 million), part of which may be attributed to its valuation approach and the important role that Bitkub Online Co. played in the company.
The CEO, Jirayut Srupsrisopa, has set forth aggressive plans for growth, with a target of having the company employ 3,000 employees by 2025. These expansion attempts are a reflection of Bitkub’s determination to grow its operations and keep its edge in the changing crypto landscape.
