Business News Asia
SCBS Group announces an investment in Bitkub Online Co., Ltd, the leading digital asset trading venue in Thailand, through the acquisition of 51% of the total shares of Bitkub Capital Group Holdings Co., Ltd.
The total value is about 17,850 million baht, out of the total enterprise value of 35 billion baht of Bitkub Capital Group Holdings Co., Ltd, another “unicorn” for the Thais.
SCBS, the main shareholder, is responsible for building a digital asset ecosystem with the Digital Asset Exchange. It is one of the key infrastructures of the ecosystem at the national level for the strengthening and further growth of Digital Assets.
The acquisition made the KUB coin skyrocket. According to the KUBTHB chart on the Bitkub exchange, the price of the Kub coin started to rise yesterday (November 2). It reached today’s high of 90.89 baht at 11:00 A.M.ET. This is an increase of 170% in the last 24 hours.
The completion of the share purchase is subject to compliance with the regulations of the relevant regulatory authorities such as the Bank of Thailand Securities and Exchange Commission.
The deal is expected to close within the first quarter of 2022 and is subject to the condition that a substantial part of the due diligence will remain with Bitkub.
The CEO of Bitkub Capital Group Holdings Co, Ltd, stated the following regarding the acquisition from SCBS:
“Bitkub has reached the point where we have become an important structure of Thailand’s future economy, also known as the Digital Economy. And from now on Bitkub is not just a startup, but will become a necessary infrastructure for the financial industry 3.0 of Thailand. Bitkub has now reached a critical turning point in order to bring Bitkub to a global level. Therefore, a strong partner is needed as a reinforcement to reach faster and sustainably. That’s why we partner with SCBS.”