Thailand cryptocurrency exchange Bitkub is gearing up for a 2025 initial public offering (IPO) on the Stock Exchange of Thailand.

In an interview with Bloomberg, Bitkub Capital Group Holdings’ CEO, Jirayut Srupsrisopa, unveiled his company’s intention to enhance its competitive edge in a market shared with rivals such as Binance and Kasikornbank.

The IPO, which was first alluded to in a 2023 shareholder letter, is progressing as Bitkub seeks financial advisors to navigate the listing process.

With a commanding 77% share of the Thai market, Bitkub is planning to double its 2,000-person workforce by the time of the IPO.

This growth trajectory follows a recent downsizing period, during which the company reduced its staff by 6%.

Thailand’s cryptocurrency market is experiencing a boom, active trading accounts number reaching a new peak since September 2022.

The Thai SEC has recently announced policy changes such as easing investment restrictions for certain digital tokens, along with the Finance Ministry’s tax exemption on digital asset trading.