Thailand’s Largest Crypto Exchange Ramps Up Recruitment Drive Ahead of IPO

Bitkub Capital Group Holdings, the parent company of Thailand’s leading cryptocurrency exchange, is gearing up for its anticipated initial public offering (IPO) on the Stock Exchange of Thailand (SET) in 2025, with plans to onboard 1,000 new employees by the time of the IPO launch.

CEO Jirayut Srupsrisopa revealed Bitkub’s IPO aspirations to Bloomberg on April 1, highlighting the strategic move to leverage the public listing to raise fresh capital and enhance the exchange’s visibility in the market.

In preparation for the IPO, Bitkub has initiated the hiring process for financial advisers while concurrently embarking on a significant recruitment spree, aiming to bolster its workforce by doubling the current staff count to 2,000 by 2025.

Although Bitkub had previously hinted at its IPO intentions in a shareholder letter back in 2023, the recent announcement sheds more light on the company’s timeline and objectives.

Operating from Bangkok, Bitkub commands a dominant position in Thailand’s crypto landscape, capturing a substantial 77% market share as of December 2023 and facilitating approximately $30 million in daily trading volumes.

Despite its prominent status, Bitkub faces escalating competition from both local and international players. The entrance of global giant Binance into the Thai market and the acquisition of Satang crypto exchange by Kasikornbank underscore the increasingly competitive environment.

Bitkub’s strategic maneuvers, including the sale of a significant stake in its crypto exchange unit to Asphere Innovations in 2023, reflect its efforts to fortify its position amidst evolving market dynamics and regulatory scrutiny.

With Bitkub Online contributing a significant portion of Bitkub Capital’s earnings, the exchange anticipates a surge in valuation driven by heightened trading volumes, reminiscent of the previous crypto bull market in 2021.

Despite past setbacks, including the cancellation of a major acquisition deal by SCB X in 2022, Bitkub remains steadfast in its pursuit of growth and market leadership, positioning itself for a transformative journey as it prepares for its landmark IPO.