Bitget plans Thai platform acquisition involving transfer of 7,349,446 shares
Key Facts
Bitget announced a proposed acquisition of GMO-Z.com Cryptonomics in Thailand in a transaction involving the transfer of 7,349,446 shares held by the sellers, according to the platform's announcement and a GMO Internet disclosure. Bitget intends to carry out the acquisition through its stake in BTGT Management Thailand, which is acquiring the local cryptoasset business. The acquisition targets an exchange operator that received authorization from Thailand's Securities and Exchange Commission and Ministry of Finance to operate when it launched its platform. The transaction combines Bitget's plan to make its platform available to Thai users with the sale of a business from which GMO Group decided to withdraw. GMO Internet's board approved the share transfer on 24 September 2026, according to the company's disclosure on the proposed transaction.
The sellers' holdings in the target company comprise a direct stake held by GMO Internet and a stake held by GMO-Z.com Holdings Thailand. GMO Internet's direct stake is 49.00%, according to its disclosure of the ownership structure before the shares are transferred to the buyer. The Thai holding company owns 50.94% of the company operating the digital asset trading business subject to the proposed acquisition. The transfer covers all shares held by these two sellers in the target company, under the terms set out in GMO Internet's disclosure. The company said the "sale price is undisclosed," explaining that the transaction's financial consideration was withheld at the buyer's request.
The buyer, BTGT Management Thailand, was established on 22 September 2026, according to information GMO Internet provided in the disclosure. The company stated that the entity was established to acquire the business and expand in cryptoassets in the Thai market. The buyer has capital of 2,000,000 Thai baht, representing the capital of the company that will carry out the acquisition, according to the seller's disclosure. The entity was established before GMO Internet's board approved the transfer of its ownership in the local business. Bitget, for its part, described its relationship with the buyer as a stake it holds in the entity, through which it intends to carry out the proposed acquisition.
The business is being sold after a financial year in which the target company continued to post losses while net sales fell from the previous year, according to results disclosed by GMO Internet. In the financial year ended December 2025, net sales totalled 11,024,034.39 Thai baht, compared with 13,204,381.46 baht in the previous financial year. The company recorded a net loss of 87,553,692.58 Thai baht in the year ended December, compared with a net loss of 99,957,772.03 baht in the previous year. Its operating loss was 74,159,640.22 Thai baht in the financial year ended December 2025, according to the seller's disclosure of the company's performance. The net loss thus narrowed between the two periods, while net sales declined and the business continued to post operating losses.
The target company's trading platform, Z.com EX, launched on 22 February 2021, according to GMO Group's announcement of the start of operations. In its launch announcement, the group confirmed that the platform had received authorization from the relevant Thai authorities to operate a cryptoasset exchange. GMO Internet subsequently decided to withdraw from the digital asset business in Thailand on 18 March 2026, according to its disclosure of that decision. The options the company identified for its withdrawal included selling or liquidating the business, before it later approved the share transfer to the buyer. GMO attributed its decision to a review of its business portfolio and conditions in Thailand's digital asset market, in its explanation for exiting the local business.
GMO Internet expects the share transfer to take effect on 31 October 2026, according to the schedule it announced for the proposed transaction. Completion of the acquisition remains subject to applicable regulatory approvals and other closing conditions, according to Bitget's announcement. The platform said the deal was "subject to applicable regulatory approval," specifying the condition governing completion of the transfer of control of the business. Bitget intends to make its trading platform available to users in Thailand after completing the acquisition and obtaining approval for the change of control. The introduction of its platform in the Thai market therefore depends on closing the transaction and securing approvals, while the announced share transfer date remains an expected date within the deal timetable.