Thai Crypto Exchange Bitkub May Be Valued as High as $3B in IPO: CEO

Jirayut Srupsrisopa said earlier this month that an IPO was planned for next year.

AccessTimeIconApr 11, 2024 at 8:49 p.m. UTC
Updated Apr 11, 2024 at 8:52 p.m. UTC
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The owner of Thai crypto exchange Bitkub Online, which plans to sell shares to the public next year, could be valued as high as $3 billion, Bitkub Capital Group CEO Jirayut Srupsrisopa said.

Bitkub Capital signaled its intention to sell shares to the public in a 2023 letter to shareholders that didn't give a timeframe. Jirayut told Bloomberg earlier this month that an IPO was planned for next year and the company was in the process of hiring financial advisers.

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  • Thailand's biggest crypto exchange provides about 80% of the Bangkok-based parent's profit and is 9.2% owned by Asphere Innovations. The firm was valued at about 6 billion baht ($165 million) in a Series A fundraising last July, Jirayut said.

    "A price to earnings ratio of 10-30 would put our valuation between 1 billion - 3 billion US dollars," Jirayut said in a message on LinkedIn when asked about an IPO valuation. He did not say how much the company was looking to raise.

    Edited by Stephen Alpher.



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    Sheldon Reback

    Sheldon Reback is a CoinDesk news editor based in London. He owns a small amount of ether.


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