- According to Jirayut Srupsrisopa, Bitkub Capital Group could be valued at $3 billion in an upcoming IPO.
- Bitkub Capital is hiring financial advisers ahead of the planned IPO.
- The Bitkub exchange provides 80% of its parent company’s profit.
According to Jirayut Srupsrisopa, CEO of Bitkub Capital Group, the company could be valued at as high as $3 billion in an upcoming Initial Public Offering (IPO). Srupsrisopa made the statement while speaking to Bloomberg about the planned IPO, which he claimed to be scheduled for next year.
During his conversation with the renowned media outfit, Srupsrisopa noted that Bitkub Capital, the owner of the Thai crypto exchange Bitkub Online, is hiring financial advisers. They intend to prepare for the upcoming IPO, which the company broadcasts to shareholders in a 2023 letter that doesn’t specify the timeframe.
Bitkub Online is Thailand’s biggest crypto exchange, providing about 80% of the parent company’s profit. Bitkub Capital’s ownership of the crypto exchange is not absolute, as 9.2% of the Bangkok-based outfit is owned by Asphere Innovations.
According to Srupsrisopa, the firm was valued at about 6 billion baht, equivalent to $165 million, in a Series A fundraising event last July. From his calculations, a price-to-earnings ratio of 10-30 would put the company’s current valuation between $1 billion and $3 billion. However, the Bitkub CEO was silent over the company’s target in the IPO.
Bitkub Capital’s planned IPO represents another step in cryptocurrency’s encroachment into the mainstream. Having IPOs involving crypto-related firms was not possible in the past few years. However, with growing adoption and improved clarity across regulatory jurisdictions, cryptocurrency has made inroads into the mainstream financial sector.
Last January’s spot Bitcoin approval by the U.S. Securities and Exchange Commission represents a landmark moment in crypto evolution. It opened a new frontier for mainstream investors, enabling them to find exposure in the novel crypto sector.
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