Bitkub Online Could Be Valued at $3 Billion in Upcoming IPO
Sentiment: Positive
In a recent revelation by Bitkub Capital Group CEO, Jirayut Srupsrisopa, the anticipated initial public offering (IPO) of Bitkub Online, Thailand's premier cryptocurrency exchange, is projected to soar to a valuation as high as $3 billion. This disclosure comes as a significant development for both the company and the broader crypto landscape in Thailand.
Bitkub Capital Group had previously hinted at its intention to go public in a letter to shareholders in 2023, albeit without specifying a timeframe. However, Srupsrisopa's recent confirmation to Bloomberg sheds light on the concrete plans for the IPO, slated for the coming year. Notably, the company is in the process of enlisting financial advisors to facilitate the transition.
Bitkub Online's Dominance
As a cornerstone of Thailand's cryptocurrency market, Bitkub Online commands a substantial share, responsible for approximately 80% of Bitkub Capital Group's profits. Its influence is further underscored by its strategic partnership, with Asphere Innovations holding a 9.2% stake in the company. Notably, Bitkub Capital Group's valuation surged to 6 billion baht (approximately $165 million) following a successful Series A fundraising round in July.
In response to inquiries regarding the potential IPO valuation, Srupsrisopa shared insights on LinkedIn, suggesting a price to earnings ratio ranging from 10 to 30. This estimation places Bitkub Online's valuation in the range of $1 billion to $3 billion. However, specific details regarding the fundraising goals for the IPO remain undisclosed at this juncture.
Analyzing the Impact
The prospect of Bitkub Online's IPO reverberates across various stakeholders within the cryptocurrency ecosystem. Investors, analysts, and enthusiasts alike are keenly observing the developments, anticipating the implications for market dynamics and investor sentiment. The substantial valuation underscores the maturation and growing mainstream acceptance of cryptocurrencies, particularly in regions like Thailand where Bitkub Online has entrenched its presence.
As Bitkub Online prepares to embark on its IPO journey, the cryptocurrency community awaits with bated breath, eager to witness the unfolding of this pivotal moment in Thailand's crypto narrative. With its meteoric rise and projected valuation, Bitkub Online stands as a beacon of innovation and resilience in the ever-evolving landscape of digital assets.
About the Author
Enthusiastic writer whose current area of interest is the blockchain sector. When not writing, you will find her reading essays on sociology and playing/listening to music. Firm believer that crypto will transform the world.
