Bitkub Capital Group Plans to Expand in Southeast Asia with IPO: Aiming to Compete with Coinbase and Binance
Bitkub Capital Group, Thailand’s top cryptocurrency exchange, is gearing up for an IPO at the end of 2025 to expand into Southeast Asia’s developing nations. The company, led by CEO Topp Jirayut Srupsrisopa, plans to make a mark in countries like Cambodia, Vietnam, and Laos, where regulators are still shaping frameworks for digital assets.
With a daily trading volume of $44.5 million, Bitkub has outperformed competitors in Indonesia and the Philippines. However, the company aims to go beyond trade volume and focus on building use cases for cryptocurrencies, particularly in remittances from migrant workers and digital nomads in frontier areas.
Topp emphasized the importance of trust and legitimacy in the finance industry, stating that Bitkub’s IPO will be a significant step towards becoming a public good for the Thai economy. The company’s market share in Thailand is expected to reach 75% by mid-2023, despite the entry of global leader Binance into the market.
Bitkub’s IPO is seen as a proxy stock for Thailand’s digital economy, representing a shift towards digital services and green trade. The company’s venture capital arm will continue to invest in Thai businesses as its international operations expand, aiming to contribute to the growth of the startup ecosystem in the country.
Despite facing challenges such as the cryptocurrency market downturn in 2022, Bitkub managed to maintain profitability and market dominance. Topp criticized the “move fast, break things” ethos of some startups in the industry, emphasizing the need for regulatory standards and cooperation among regulators globally.
As decentralized exchanges gain traction in the industry, Topp acknowledged the influx of institutional money into the cryptocurrency market, highlighting the potential for growth and innovation in the sector. With plans for regional expansion and a focus on trust and legitimacy, Bitkub aims to solidify its position as a key player in Southeast Asia’s evolving digital economy.
