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Bitkub Online, the cryptocurrency exchange based in Thailand, has big intentions for the future, according to Jirayut Srupsrisopa, CEO of Bitkub Capital Group. Srupsrisopa claims that the firm is preparing for an IPO with the goal of increasing its valuation to an incredible $3 billion.
In a 2023 shareholder letter, Bitkub Capital Group alluded to its plans to go public. Although a timeframe was not stated in the letter, Srupsrisopa told Bloomberg earlier this month that the IPO is scheduled for the next year. To help with the process, the corporation is aggressively enlisting financial experts at the moment.
Its parent firm, based in Bangkok, mostly relies on Bitkub Online, the largest cryptocurrency exchange in Thailand, for its profits. The exchange was valued at about $165 million when it raised capital in July of last year for its Series A. Asphere Innovations has a 9.2% share in it.
Bitkub’s valuation would be positioned between $1 billion and $3 billion, according to Srupsrisopa, if the company had a price-to-earnings ratio of 10 to 30. He declined to say how much the business hopes to raise specifically through the IPO, though.
Srupsrisopa highlighted Bitkub’s significant development potential in a LinkedIn message, implying that the exchange might be valued at a high amount and hence rise to the top of the cryptocurrency market.