Bitget Thailand acquisition targets licensed GMO exchange

A Bitget Thailand acquisition is set to give the exchange a licensed foothold in Southeast Asia. On Tuesday, Oct. 20, Bitget said it plans to buy GMO-Z.com Cryptonomics (Thailand), a licensed exchange and brokerage based in Bangkok, via BTGT Management (Thailand), a company in which it holds an interest.

What happened

Under the deal, Japan's GMO Internet, its Thai holding company and other shareholders will transfer their entire stake to BTGT Management or an entity it designates. GMO Internet's Sept. 24 filing shows the listed company owns 49.00% of the exchange directly and its Thai holding company another 50.94%.

No price was disclosed. Completion needs regulatory approval, including for the change of control. Bitget declined to say how large its interest in BTGT Management is, Cointelegraph reported. Once approved, Bitget plans to offer its trading platform to Thai users through the locally run exchange.

The target is small. GMO's filing shows the Thai company was founded in July 2018, has share capital of 735.4 million baht and booked net sales of about 11 million baht in 2025, against total assets of roughly 451 million baht. GMO Internet had also lent it 80 million baht. The filing said completion was targeted for Oct. 31, Cointelegraph reported.

For GMO, the sale finishes an exit announced in March. The Thai unit posted an operating loss of about 74 million baht in 2025, according to the filing, and GMO said it chose to withdraw after reviewing the local digital asset market.

Why it matters

Thailand requires crypto exchanges to hold a license from its Securities and Exchange Commission and has moved to restrict foreign platforms operating without one, Crypto Briefing noted. Buying an existing licence holder is usually faster than applying from scratch. Thailand is also widening regulated crypto products, as our report on Thailand crypto ETF rules showed.

"Thailand is an important part of Southeast Asia's digital asset landscape," Bitget chief executive Gracy Chen said, adding that the deal offers a chance to set up local operations. Bitget says it serves more than 125 million users.

The timing invites scrutiny. The Bitget Thailand acquisition comes weeks after a hack of roughly $388 million that hit the exchange's hot and warm wallets, which we covered in our Bitget zero-day report. Thai approval will likely weigh security controls as well as capital.

What's next

For Bitget, the value lies in the licence rather than the customer base. A local entity gives it a direct relationship with the Thai regulator and a way to serve users without the access restrictions that have hit offshore platforms. The price paid, still undisclosed, will show how much a Thai crypto licence is worth.

Bitget said it is also studying other expansion options across Southeast Asia. Its full statement is on the Bitget blog.

GMO first announced its plan to leave the Thai digital asset business on March 18, after a review of its group portfolio that began in April 2025.

Watch for the Thai regulator's decision on the change of control and for any disclosure of terms. Until then, the Bitget Thailand acquisition remains a signed plan, not a closed deal.