Bitget agrees to buy Thai platform in deal involving 7,349,446 shares
Key Facts
Bitget has agreed to acquire Thailand's GMO-Z.com Cryptonomics, the operator of a licensed digital asset exchange and brokerage based in Bangkok, according to Investing.com. The share transfer announced by GMO Internet covers 7,349,446 shares, representing its entire holding and that of its Thai holding company in the target company. In its disclosure, the company set 31 October 2026 as the target date for completing the transfer, with Bitget's provision of local services remaining subject to completion of the deal and the necessary approvals. The direct buyer is Thailand's BTGT Management, an entity in which Bitget holds a stake, according to Investing.com. The sale arrangement covers shares held by GMO Internet and its subsidiary, as well as shares held by other shareholders in the target company.
GMO Internet did not disclose the value of the share transfer at the buyer's request, according to its disclosure on the transaction. The company said the transfer would take place at a fair price reflecting the market price, describing the consideration as an "appropriate price reflecting the market price". The group decided on 18 March 2026 to exit the digital asset business in Thailand, according to its disclosure on the withdrawal decision. At the time, it identified the sale of all shares held by it and its subsidiary as a route out of the Thai business. The decision also included the option of closing, dissolving and liquidating the Thai company, alongside transferring ownership of the shares to a buyer.
The sale follows a decline in the Thai company's sales as it continued to post operating losses, according to results reported by GMO Internet. Net sales totalled 11,024,034.39 Thai baht in the fiscal year ended December 2025. That compares with sales of 13,204,381.46 baht in the fiscal year ended December 2024, according to figures in the same disclosure. Meanwhile, the operating loss narrowed to 74,159,640.22 baht in the year ended December 2025. The operating loss had totalled 101,681,063.78 baht in the previous year, with lower sales thus coinciding with a decline in the company's annual operating losses.
The Thai company's platform, Z.com EX, began providing services on 22 February 2021, according to its launch announcement from GMO Internet Group. At the launch, the group said the platform had obtained approvals from Thai regulators to operate a crypto asset trading business. Those approvals included Thailand's Securities and Exchange Commission and Ministry of Finance, according to the group's announcement. Thailand's Securities and Exchange Commission, meanwhile, lists Bitget and its website among entities that have not obtained a licence to conduct digital asset business. Bitget plans to offer its platform to Thai users through a locally operated exchange after completing the acquisition and obtaining the necessary approvals, according to Investing.com.
The proposed deal comes amid Thai measures against unlicensed digital asset platforms announced by the Securities and Exchange Commission. Those measures included restricting access to Bybit, 1000X, CoinEx, OKX and XT.com from 28 June 2025. On corporate ownership, the regulator expanded its definition of major shareholders requiring its approval to include those exercising ultimate control over companies. The review covers securities and digital asset companies, strengthening scrutiny of their control structures, according to the regulator's statement on the amended criteria. The amended criteria for major shareholders took effect on 4 March 2026, ahead of the proposed acquisition of the Thai company.
On the next steps for the deal, GMO Internet said the buyer's major shareholders intend to comply with the Thai Securities and Exchange Commission's rules. Those rules concern approval of major shareholders, according to the company's share transfer disclosure. Operating Bitget's platform for Thai users through the local exchange is contingent on completing the acquisition, according to Investing.com. Obtaining the necessary approvals remains a condition of the plan to provide those services in the Thai market. According to the timetable announced in GMO's disclosure, the share transfer is targeted for completion on 31 October 2026.