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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.
Updated Apr 11, 2024, 8:52 p.m. Published Apr 11, 2024, 8:49 p.m.
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.
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French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
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- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
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