Bitget plans to acquire licensed Thai exchange GMO-Z.com
Bitget is seeking to acquire GMO-Z.com Cryptonomics (Thailand) through an investment vehicle, aiming to secure a regulated entry into the Thai digital asset market subject to regulatory approval.
Cryptocurrency exchange Bitget announced on Oct. 20 that it plans to acquire GMO-Z.com Cryptonomics (Thailand), a licensed Bangkok exchange and brokerage owned by Japan's GMO Internet. If completed, the deal will enable Bitget to offer its trading services to Thai users under local regulatory frameworks.[5][3][2]
Bitget is conducting the takeover through its interest in BTGT Management (Thailand) Ltd., an entity established on Sept. 22 with 2 million Thai baht in share capital. GMO Internet's board approved the sale of all 7,349,446 shares on Sept. 24, setting an expected effective transfer date of Oct. 31. The purchase price was withheld at the buyer's request, and Bitget has not revealed the size of its equity stake in BTGT Management.[5][3]
GMO Internet directly owns 49% of the Thai exchange, while its Thai holding company holds 50.94%. The parent firm had announced plans in March to exit Thailand's digital asset business. Corporate filings show the Thai unit recorded a net loss of around 87.6 million baht on net sales of roughly 11 million baht in 2025, after also booking losses across 2023 and 2024.[5]
The planned expansion comes shortly after a Sept. 24 security exploit that drained approximately $388 million from Bitget's hot and warm wallets, which Bitget CEO Gracy Chen attributed to a flaw in a third-party security product. Completion of the acquisition remains contingent on change-of-control approvals from the Securities and Exchange Commission of Thailand.[5][3][1][4]
Key facts
- Bitget plans to acquire GMO-Z.com Cryptonomics (Thailand) to offer its platform to local users under Thai regulations.
- The transaction is being executed through BTGT Management (Thailand) Ltd., which was formed on Sept. 22 with 2 million baht in share capital.
- GMO Internet agreed to sell all 7,349,446 shares, with an expected effective date of Oct. 31, while withholding the price.
- The Thai exchange posted a net loss of roughly 87.6 million baht on sales of about 11 million baht in 2025.
- The acquisition requires change-of-control approval from the Securities and Exchange Commission of Thailand.
- The deal follows a Sept. 24 incident where $388 million was stolen from Bitget's hot and warm wallets via a third-party security flaw.
Sources · 5 sources
- CO
Cointelegraph@CointelegraphPost on X ·
🇹🇭 NEW: Bitget plans to acquire a licensed Thai crypto exchange weeks after a $388M hack. The deal would expand its Southeast Asia footprint, subject to regulatory approval. https://t.co/76WED72UGE
Open source - CB
Crypto BriefingArticle ·
Bitget agrees to acquire licensed Thai crypto exchange Bitget's acquisition strategy in Thailand could accelerate its Southeast Asia expansion, contingent on regulatory approval and market adaptation. The post Bitget agrees to acquire licensed Thai crypto exchange appeared first on Crypto Briefing .
Open source - BS
BSCN@BSCNewsPost on X ·
Bitget Plans Takeover of Licensed Thai Exchange After $388M Security Attack @Bitget is moving to buy the operator of a regulated Thai exchange, GMO-Z Cryptonomics, through BTGT Management, with the aim of closing the deal before October 31. Through the takeover, the centralized exchange will gain a regulatory bridgehead into Thailand's capital markets through a license from the Securities and Exchange Commission of Thailand. The move comes shortly after a September 24 attack on its infrastructure, in which attackers stole $388M from Bitget's hot and warm wallet funds through an unsecured third-party security integration.
Open source - CT
Coin TelegraphArticle ·
Bitget plans Thai crypto exchange acquisition weeks after $388M hack The proposed acquisition would give Bitget a route into Thailand’s crypto market through a locally licensed operator.
Open source - UN
UnchainedArticle ·
Bitget Reveals It Is Behind the Buyer of GMO Internet’s Licensed Thai Crypto Exchange Crypto exchange Bitget said on Oct. 20 that it plans to acquire GMO-Z.com Cryptonomics (Thailand) , a licensed Bangkok exchange and brokerage owned by Japan’s GMO Internet , and use it to offer its trading platform to users in Thailand. Bitget said it is making the purchase through its interest in BTGT Management (Thailand) Ltd. , which will take over the shares. GMO Internet’s board approved selling the exchange to BTGT on Sept. 24, but that disclosure did not mention Bitget. GMO said in the filing that BTGT was “newly established for the purpose of acquiring the business in question” and listed its establishment date as Sept. 22, with share capital of 2 million Thai baht. Bitget has not said how large its stake in BTGT is. Get Unchained’s crypto news in your inbox with the free Unchained Daily newsletter . Approval Still Pending Bitget said completion depends on regulatory approval, among other conditions. It plans to bring its platform to Thai users only after the deal closes and the change of control is approved, and said it would operate under Thai rules. The GMO filing lists Oct. 31 as the expected effective date of the share transfer and says BTGT’s major shareholders will comply with the Thai Securities and Exchange Commission’s rules on approving major shareholders. No approval had been announced as of publication. “Building a presence in a market requires local expertise, an understanding of the regulatory environment and a long-term commitment to the market,” Bitget CEO Gracy Chen said in the release. She called Thailand “an important part of Southeast Asia’s digital asset landscape.” GMO Internet holds 49% of the exchange directly and its Thai holding company holds 50.94%, and all 7,349,446 shares are set to change hands. The price was withheld “at the request of the buyer,” according to the filing, and GMO expects the effect on its 2026 results to be “minimal.” A Loss-Making Exchange GMO Internet said in March that it would exit the Thai digital asset business. It had bought the Thai units from its parent, GMO Internet Group, in March 2025, and a month later began reviewing its businesses amid a reshuffle across the group. The exchange posted a net loss of about 87.6 million baht in 2025 on net sales of about 11 million baht, and also lost money in 2023 and 2024, the filing shows. The deal comes as Bitget recovers from a Sept. 24 attack in which about $388 million was taken from its hot and warm wallets. Chen has said the attacker exploited a flaw in a third-party security product. Bitget started restoring withdrawals in phases on Sept. 28 and has said customer balances were not affected, with the Bitget Protection Fund covering the losses. Related Listen: Just Days After the Hack, Scammers Were Still Targeting Bitget’s CEO The post Bitget Reveals It Is Behind the Buyer of GMO Internet’s Licensed Thai Crypto Exchange appeared first on Unchained .
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