Bitget Targets Licensed Thai Crypto Exchange in Deal Set for October 31

A Thai trading license and a business losing millions

Bitget plans to enter Thailand through the acquisition of a licensed cryptocurrency exchange whose 2025 operating loss reached 74.16 million baht on revenue of just 11.02 million baht. The proposed purchase, announced by Bitget on October 20, 2026, would bring the Bangkok operator of Z.com EX into its expansion plans, subject to regulatory approval.

Japan's GMO Internet and its Thai holding company plan to transfer 7,349,446 shares, representing 99.94% of GMO-Z.com Cryptonomics (Thailand), to BTGT Management (Thailand) or a designated buyer. Bitget says it holds an interest in BTGT Management. The target date for the share transfer is October 31, 2026.

GMO Internet's share transfer notice, published on September 24, provides the detailed ownership structure and financial record behind the deal. It also shows that the seller decided to leave Thailand's digital asset business months before Bitget publicly identified itself with the buyer.

For Thai customers, the proposal promises a locally operated route to Bitget's trading platform after completion and approval of the change of control. It also brings together three practical challenges: obtaining permission from regulators, improving a business with several years of losses, and establishing operations while Bitget manages the aftermath of a major wallet theft.

Who is buying the exchange?

BTGT Management was established on September 22, 2026, two days before GMO Internet's board approved the sale. The investment holding company has registered capital of 2 million baht, according to GMO Internet's disclosure.

Its immediate shareholders are BTGT Investment Holdings Limited, with 51%, and BTGT Holdings Limited, with 49%. The filing names Chen Siyu as its director and representative. Bitget has not disclosed the size of its interest in the acquiring company, while the purchase price has been withheld at the buyer's request.

GMO Internet directly owns 3,603,460 shares in the exchange operator, equivalent to 49%. Its subsidiary, GMO-Z.com Holdings (Thailand), owns another 3,745,986 shares, or 50.94%. Both companies would reduce their holdings to zero through the proposed transfer.

Bitget's announcement also refers to other shareholders transferring their holdings. The precise stake quantified in GMO Internet's filing is the Japanese company's combined direct and indirect holding of 99.94%. GMO Internet says the undisclosed price appropriately reflects market pricing and expects the disposal to have a minimal effect on its consolidated financial results for 2026.

What comes with Z.com EX?

GMO-Z.com Cryptonomics was established on July 20, 2018, and launched Z.com EX on February 22, 2021. The company operates from Bangkok's Fortune Tower and is led by chief executive Toshiyuki Namiki, according to the seller's filing.

The Thai Securities and Exchange Commission lists the company as a licensed digital asset exchange operator and brokerage services provider. At launch, Z.com EX had authorization from the SEC and Ministry of Finance, with an initial trading lineup that included bitcoin, ether, XRP, litecoin, bitcoin cash and stellar.

An exchange provides a place where customers can buy and sell digital assets. A brokerage helps arrange those transactions. For Bitget, acquiring this company would bring an existing Thai business, operating experience and a licensing framework through which it plans to introduce its platform.

Bitget chief executive Gracy Chen described the acquisition as an opportunity to establish local operations. In the company's announcement, she explained what building a presence requires:

Building a presence in a market requires local expertise, an understanding of the regulatory environment and a long-term commitment to the market.

Chen also set out the company's immediate priority:

Our priority is to develop the right operational foundation while bringing Bitget's global experience and capabilities to the market.

Why GMO Internet is leaving

GMO Internet acquired the Thai exchange operator and its holding company from its parent, GMO Internet Group, in March 2025. They were among 11 companies included in that transfer.

The company began reviewing the position and role of its businesses in April 2025 as part of a wider reorganization. Its September disclosure says the decision to withdraw followed consideration of Thailand's digital asset market and the future outlook for the business.

GMO Internet formally announced its withdrawal plan on March 18, 2026. It considered selling the subsidiary or closing it before selecting the proposed share transfer to BTGT Management.

The transaction therefore connects two different corporate decisions: GMO Internet is leaving a market it reviewed after an internal acquisition, while Bitget wants a local operating base. The buyer would inherit a licensed operation whose recent financial performance requires substantial improvement.

Losses narrowed while revenue fell

GMO Internet's financial table shows operating losses of 115.33 million baht in 2023, 101.68 million baht in 2024 and 74.16 million baht in 2025. Operating loss measures the gap between revenue and the expenses of running the business, before certain financing and other items.

The 2025 operating loss was about 27% smaller than the 2024 loss, a reduction of 27.52 million baht. Revenue moved in the opposite direction, falling from 13.20 million baht in 2024 to 11.02 million baht in 2025, a decline of about 16.5%.

The exchange's 2025 net loss, which includes further expenses and adjustments, was 87.55 million baht. That compares with net losses of 99.96 million baht in 2024 and 115.05 million baht in 2023. The different operating and net loss figures describe separate measures within the same accounts.

At the end of 2025, the operator had total assets of 451.03 million baht and net assets of 11.40 million baht. Net assets are what remains after liabilities are subtracted from assets. GMO Internet also provided financing to the subsidiary, including an 80 million baht loan identified in the transaction reporting.

The commercial task is substantial: the 2025 operating loss was roughly 6.7 times annual revenue. A route toward profitability would require more income, lower expenses or a combination of both. The acquisition price, treatment of the loan and amount of any new investment will shape the buyer's financial commitment.

Thai approval comes before a launch

Thailand requires authorization for digital asset businesses and has taken steps to block foreign platforms operating without local permission. The proposed transaction requires regulatory clearance, including approval of the change of control and compliance with rules governing major shareholders of licensed operators.

Bitget's own terms, updated in October, still list Thailand among prohibited jurisdictions. A Thai SEC investor alert identifying Bitget as an unlicensed digital asset business was also listed with an October 19 update.

Bitget plans to serve Thai users through the locally operated exchange once the acquisition and necessary approvals are completed. The company has not explained how its existing restrictions would change, how the Thai service would be structured or when it would launch.

Thailand's enforcement measures provide a concrete reason for pursuing a local business. Authorities scheduled access blocks against Bybit, 1000X, Coinex, OKX and XT.COM for June 28, 2025, and urged affected investors to withdraw assets beforehand.

The country is also opening regulated investment channels. Rules for bitcoin and ether exchange traded funds took effect on October 16, 2026, allowing eligible products to list on the Stock Exchange of Thailand. Each fund still needs SEC approval. Such funds let investors gain exposure through an investment product rather than purchasing and storing the underlying cryptocurrency themselves.

The security incident behind the expansion

Bitget announced its involvement in the Thai acquisition less than a month after a September 24 attack on its hot and warm wallet infrastructure. Those wallets support routine transfers and have more access to operational systems than cold wallets, which are kept more isolated.

Bitget's later estimate put the assets transferred to attackers at approximately $387.5 million, compared with the $38.8 million initially attributed to the company. The exchange had also issued an early estimate of $351.6 million before revising the amount after tracing transfers.

The company said attackers exploited a vulnerability in a security product supplied by another company, obtained internal credentials and issued fraudulent withdrawal instructions. Bitget said customer account balances were unaffected and its cold wallets remained secure.

Bitcoin withdrawals resumed on September 28, with other major cryptocurrency services returning in stages. Bitget completed the phased restoration of withdrawals on October 2, when fiat currency and peer to peer services were also restored.

Bitget said its User Protection Fund would cover the losses. The fund held more than $464 million before the breach, and subsequent reporting put its replenished balance above $300 million. The company also offered rewards of 5% for assistance freezing stolen funds and another 5% for assistance recovering them.

Blockchain investigator Andrey Sergeenkov estimated that services used to launder the stolen assets collected approximately $761,725 in fees. Tracing and recovery efforts continued after withdrawals resumed, adding another operational demand as Bitget prepared its Thai expansion.

How the two timelines developed

GMO Internet's withdrawal decision, the creation of the buyer and Bitget's security response unfolded over several months. The seller's board approval and the wallet attack both occurred on September 24, while Bitget publicly identified its role in the acquisition on October 20.

• March 2025: GMO Internet acquired the Thai exchange operator and holding company from GMO Internet Group.
• March 18, 2026: GMO Internet announced its plan to withdraw from Thailand's digital asset business.
• September 22: BTGT Management was established in Bangkok.
• September 24: GMO Internet's board approved the proposed sale. Bitget also suffered the attack on its wallet infrastructure.
• September 28: Bitget began restoring withdrawals, including bitcoin.
• October 2: Bitget completed its phased restoration of withdrawals.
• October 17: Bitget announced a single exercise to discontinue services for certain users.
• October 20: Bitget announced its planned acquisition of the Thai exchange operator.
• October 31: GMO Internet's expected effective date for the share transfer, subject to approval and other conditions.

The next scheduled transaction milestone is October 31. Regulatory clearance and the remaining closing conditions determine whether the shares can transfer on that date.

A regional strategy with local competitors

Bitget is continuing to assess expansion opportunities across Southeast Asia. Its wider effort to build a regulated international presence has included plans for a European headquarters in Vienna and registration as a financial services provider in New Zealand.

Thailand already has examples of international cryptocurrency brands operating through local companies. KuCoin entered through licensed operator ERX in June 2025, while Binance has a local presence through Gulf Binance. Bitget would be entering a market where other global brands have already established Thai operations.

Bitget reportedly serves more than 125 million users internationally and offers access to cryptocurrency trading alongside tokenized stocks, exchange traded funds, commodities and foreign exchange. The products offered to Thai customers would depend on the local operating structure and applicable permissions.

The acquisition's immediate value is the opportunity to combine an existing licensed Thai business with Bitget's technology and international experience. Its practical test will come through regulatory approval, the introduction of a local service and the financial performance of an exchange whose losses have narrowed but remain large relative to revenue.

Key Points

• Bitget plans to acquire Bangkok's GMO-Z.com Cryptonomics through its interest in BTGT Management.
• GMO Internet and its Thai holding company plan to transfer 7,349,446 shares, representing 99.94% of the operator.
• The proposed transfer is targeted for October 31, 2026, subject to regulatory approval and other conditions.
• The target operates Z.com EX and holds Thai exchange and brokerage licenses.
• Its 2025 operating loss was 74.16 million baht on revenue of 11.02 million baht.
• The purchase price and Bitget's ownership percentage in the buyer have not been disclosed.
• Bitget plans a locally operated Thai platform after completion and approval, with no launch date announced.
• The expansion follows a September wallet attack later estimated by Bitget at approximately $387.5 million.