Bitkub's IPO Ambitions: Expanding the Crypto Frontier in Thailand

Bitkub’s IPO Ambitions: Expanding the Crypto Frontier in Thailand

Updated: 01 April 2024

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Bitkub Capital Group Holdings, the owner company of Thailand’s leading cryptocurrency exchange, is making significant strides towards its goal of going public. The company has announced its intention to list on the Stock Exchange of Thailand (SET) by 2025. In preparation for this milestone, Bitkub is not only hiring financial advisors but also planning to double its workforce by adding 1,000 new employees to its current 2,000-strong team.

Bitkub’s Big Plan: Getting Ready for a Public Debut and Growing in Thailand’s Crypto World

The move to expand the team comes after a period of downsizing in 2022 and 2023, where the company reduced its headcount by 6%. This expansion underscores Bitkub’s commitment to bolstering its operations ahead of its much-anticipated initial public offering (IPO). The IPO is expected to be a significant event for the company, as it aims to raise fresh capital and enhance its market presence.

Bitkub’s dominance in the Thai crypto market is noteworthy. As of December 2023, the exchange commanded a 77% market share, with daily trading volumes averaging around $30 million. This dominance is challenged by other players like Upbit, Bitazza, and Zipmex, with Zipmex facing regulatory hurdles in November 2023.

The cryptocurrency landscape in Thailand is vibrant, with over 13 million users as of 2023, representing about 18% of the population. This number is projected to grow to 17.7 million by 2028. The increasing adoption has attracted global and local firms to the Thai market. Notably, Binance launched its local subsidiary in January 2024, and Kasikornbank acquired a majority stake in Satang crypto exchange in October 2023.

Bitkub’s journey to its planned IPO has been eventful. In July 2023, the company sold a 9.2% stake in its Bitkub Online unit to Asphere Innovations for 600 million baht ($16.5 million). This sale is part of the broader strategy to enhance Bitkub Online’s valuation, which accounts for approximately 80% of Bitkub Capital’s earnings. The company’s CEO, Jirayut Srupsrisopa, is optimistic about the platform’s growth, anticipating trading volumes to reach levels last seen during the crypto bull market in 2021.

However, the path has not been without obstacles. In 2022, SCB X, a leading financial firm, withdrew a 17.85 billion baht plan to acquire a 51% stake in Bitkub Online amid heightened regulatory scrutiny. Despite these challenges, Bitkub remains focused on its goal of becoming a publicly-listed entity, marking a significant milestone in Thailand’s crypto industry.

Slothana: The Latest Meme Coin Craze on Solana

The Solana blockchain is buzzing with the emergence of new meme coins, thanks to its low transaction fees and high speeds. This has led to a series of presales, each gaining notable attention. From the early success of BOME to the more recent popularity of Slerf, these meme coins have been making waves in the crypto community.

🌿🦥 Wow! Sloth's jaw is dropping at the SOL flooding in from our slovenly supporters! 😱 What a bunch of lazy legends! Let's take Slothana to the moon! 🚀 And remember, only send from your onchain wallets – Sloth can't airdrop to exchanges!💸🙅‍♂️ #Slothana #MemeCoin #LazyLegends

— Slothana (@SlothanaCoin) March 28, 2024

Enter Slothana, the latest entrant in the Solana meme coin scene. Taking inspiration from Slerf’s use of sloth imagery, Slothana aims to capture the interest of investors looking for a fresh and attractive option. The coin is designed with a unique image and limited functionality, targeting “degen” investors who prioritize short-term profits over long-term prospects.

Slothana’s straightforward approach has already attracted over $500k in investments. To acquire Slothana tokens, investors simply need to visit the official website, send SOL to the specified address, and await the airdrop of 10,000 SLOTH tokens for every 1 SOL sent, which will occur after the presale ends.

Visit Slothana