Bitkub Capital Group Holdings, the company behind Thailand’s largest cryptocurrency exchange, is preparing for an initial public offering in 2025, according to a Bloomberg report citing its CEO Jirayut Srupsrisopa.

Jirayut, also known by his business name Topp, reportedly said that the IPO is expected to help promote the company's profile and raise capital. The company is currently hiring financial advisors for the IPO, the report said. 

The Bitkub CEO said that the valuation of the Bitkub Online crypto exchange will grow higher as its trading volumes have surpassed levels seen during the previous bull cycle in 2021. The crypto trading platform is currently valued at 6 billion baht ($165 million), according to the report.

Bitkub did not immediately respond to The Block's request for further comment.

In a letter posted in February, Bitkub told shareholders that the company is also exploring the potential of listing in Hong Kong, to boost its global visibility. “We are committed to expanding our reach beyond Thailand, venturing into new markets with our innovative solutions,” Jirayut said in the letter. 

Bitkub exchange processed around $81.5 million in spot trading volume in the last 24 hours, according to data from CoinMarketCap.