The CEO of Bitkub Capital Group Holdings, Jirayut Srupsrisopa, said that for the first time the decision to hold an IPO was made by the shareholders of the exchange in 2023. However, the initial plan called for the company's shares to be listed on the Hong Kong Stock Exchange (HKEX).
Srupsrisopa noted that listing shares on the Thai Stock Exchange will allow the company to attract investor funds and offset the consequences of perhaps the biggest setback for Bitkub. We are talking about the refusal of Thailand's oldest credit institution Siam Commercial Bank to acquire a 51% controlling stake in the exchange for 18 billion baht (approximately $500 million).
The CEO of Bitkub added that on the eve of listing on SET, the administration of the cryptocurrency platform has ambitious plans: to increase the staff to 3,000 people and expand its presence in the Thai market.
The planning of Bitkub's IPO is taking place against the background of a request from the Securities and Exchange Commission of Thailand (SEC) to revoke the license of the Zipmex cryptocurrency exchange, which is in the process of restructuring.