Bitget Thailand expansion concept featuring cryptocurrency trading, a broken digital security lock, and Bangkok’s skyline in olive green, light green, and black.

Bitget Targets Thai Crypto Exchange After $388M Hack

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Key Insights

  • Regulatory access is the key opportunity. The acquisition could lay the groundwork for locally permitted operations as approved.
  • Financial results continue to be an issue. The target cut down its operating loss in 2025, along with its annual revenue.
  • Security scrutiny continues. The September leak puts the pressure on Bitget to prove its operating resilience in its bid to expand globally.

Bitget Thailand acquisition plans may provide the cryptocurrency exchange with a native platform if it suffers a hack that siphons off about $388 million. Part of the proposed deal involves a licensed Thai exchange operator called GMO-Z.com Cryptonomics, with Bitget looking to expand its business in Southeast Asia.

The transaction would proceed through BTGT Management (Thailand), a company in which Bitget holds an interest. However, regulatory approval and other conditions must be satisfied before the buyer can complete the purchase and introduce its platform to Thai customers.

Proposed deal establishes a route into Thailand

Bitget identified GMO-Z.com Cryptonomics as its acquisition target in an October 20 announcement. The company operates Z.com EX, a digital asset trading platform launched in February 2021. Thailand’s Securities and Exchange Commission lists the operator among its licensed digital asset exchanges.

GMO Internet disclosed plans to sell its stake on September 24. The Japanese group and its Thai subsidiary, GMO-Z.com Holdings (Thailand), collectively hold 99.94% of the exchange operator. The proposed share transfer targets October 31, although the parties still need regulatory clearance.

Bitget has not disclosed the purchase price or its ownership percentage in BTGT Management. Those details leave important questions about the transaction’s financial structure unanswered.

CEO Gracy Chen described Thailand as an important market within Southeast Asia’s digital asset industry. She said the acquisition could help establish local operations while bringing Bitget’s international trading experience to the country.

Financial records reveal the target’s challenges

The proposed acquisition would give Bitget access to an established licensed operator. However, GMO-Z.com Cryptonomics has recorded operating losses for three consecutive years, according to GMO Internet’s financial disclosures.

The company’s reported figures show that losses narrowed in 2025, but revenue also declined.

  • 2023 operating loss—115.33 million baht.
  • 2024 operating loss—101.68 million baht.
  • 2025 operating loss—74.16 million baht.
  • 2025 revenue—11.02 million baht, down from approximately 13.2 million baht in 2024.
  • 2025 total assets—451.03 million baht, with net assets of approximately 11.4 million baht.

The lesser loss gives an indication of better operating performance, but lower revenue is a problem. Bitget may therefore need to assess the target’s commercial prospects alongside its existing regulatory position.

GMO Internet previously announced plans to exit Thailand’s digital asset business after reviewing its investment portfolio and the subsidiary’s performance. Its decision to pursue a sale preceded Bitget’s public announcement.

Security breach adds pressure to expansion

The acquisition announcement follows Bitget’s September 24 security incident, which affected its hot and warm wallet infrastructure. The exchange attributed the attack to a vulnerability in a third-party security product that allowed unauthorized withdrawal commands.

Bitget subsequently estimated that approximately $387.5 million in assets moved to attacker-controlled addresses. The exchange said customer account balances remained unaffected and its cold wallets stayed secure.

The company temporarily suspended withdrawals while security teams investigated the incident. Bitcoin withdrawals resumed on September 28, followed by other major cryptocurrencies. Bitget completed its phased restoration of withdrawal services on October 2.

Investigations continued into the stolen assets however, after services resumed. In addition to tracking suspected stolen funds travelling through cryptocurrency networks, blockchain researchers also noted that exchanges have difficulties following cross-chain transfers.

The breach is another element in Bitget’s growth strategy. Having a local presence could help its regional plans but there are issues of security, asset recovery and customer confidence that are not addressed by the acquisition.

Regulatory approval will determine market access

Thailand requires digital asset businesses to secure authorization from the Securities and Exchange Commission. Consequently, acquiring a licensed operator does not automatically grant Bitget unrestricted access to Thai customers.

The parties must complete the transaction and obtain the necessary approval for the change of control. Bitget’s updated terms of use also list Thailand among jurisdictions restricted from accessing its international platform.

A successful acquisition could provide a route toward locally regulated services. Nevertheless, the company must satisfy applicable requirements before launching its trading platform in Thailand.

Bitget has pursued expansion beyond Southeast Asia. It announced plans for a European headquarters in Vienna in January and reported registration as a financial services provider in New Zealand in July. These moves indicate a broader effort to establish operations across multiple regulatory markets.

For Thailand, the outcome will depend on regulatory clearance, the target’s financial position and Bitget’s ability to meet local operating requirements.

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