Bitget has announced plans to acquire a licensed cryptocurrency exchange in Thailand, seeking to establish local operations less than a month after a security breach affected approximately $388 million in assets.
Summary
- Bitget plans to acquire GMO-Z.com Cryptonomics, a licensed Thai cryptocurrency exchange operator, through BTGT Management.
- GMO Internet has scheduled the proposed share transfer for October 31, subject to regulatory approval and other conditions.
- GMO Internet and its Thai subsidiary plan to sell their combined 99.94% stake in the exchange operator.
- GMO-Z.com Cryptonomics reported a 74.16 million baht operating loss in 2025, according to the seller’s financial disclosure.
- The proposed acquisition follows a September 24 cyberattack that Bitget says affected approximately $388 million in assets.
In an October 20 press release, Bitget identified GMO-Z.com Cryptonomics (Thailand) as its acquisition target and BTGT Management (Thailand), a company in which it holds an interest, as the buyer. The proposed transaction requires regulatory approval and other conditions before it can close.
The exchange plans to introduce its trading platform to Thai users once the transaction is completed and authorities approve the change of control. Bitget has not disclosed its ownership percentage in BTGT Management or the purchase price.
Bitget seeks Thailand entry through licensed exchange acquisition
GMO-Z.com Cryptonomics operates Z.com EX, a digital asset trading platform launched in February 2021. The Thai Securities and Exchange Commission lists the company among its licensed digital asset exchange operators.
In a September 24 disclosure, GMO Internet confirmed plans to sell its shares in the business through a transaction involving BTGT Management. The Japanese group and its Thai subsidiary together hold 99.94% of the operator, according to the filing.
The seller scheduled the share transfer for October 31. However, the date remains a target, as regulators have not yet approved the proposed transaction.
“Building a presence in a market requires local expertise, an understanding of the regulatory environment and a long-term commitment to the market,” Bitget CEO Gracy Chen said in the company’s announcement. “Thailand is an important part of Southeast Asia’s digital asset landscape, and this acquisition gives us a great opportunity to establish local operations in a thriving country.”
Chen explained that the company wants to establish a local operating foundation while bringing its international trading experience to Thailand. Bitget has not announced a date for launching its services in the country.
GMO Internet’s financial records show three years of losses
The acquisition target has reported operating losses for three consecutive years, providing a clearer picture of the business Bitget intends to purchase.
According to GMO Internet’s financial disclosure, the Thai operator recorded an operating loss of 74.16 million baht in 2025, compared with 101.68 million baht in 2024 and 115.33 million baht in 2023.
Although losses narrowed, annual revenue declined from approximately 13.2 million baht in 2024 to 11.02 million baht last year. At the end of 2025, the company reported total assets of 451.03 million baht and net assets of roughly 11.4 million baht.
GMO Internet had decided to withdraw from Thailand’s digital asset business after reviewing its investment portfolio and the subsidiary’s performance. The Japanese company first disclosed those plans in March, months before identifying the prospective buyer.
BTGT Management was established on September 22, just two days before GMO Internet announced the proposed sale.
Its immediate shareholders are BTGT Investment Holdings Limited, with 51%, and BTGT Holdings Limited, with 49%. Those percentages describe the purchasing company’s direct ownership structure and do not establish Bitget’s ultimate economic interest.
Thailand expansion follows Bitget’s $388 million security breach
The acquisition plans follow a September 24 cyberattack targeting Bitget’s hot and warm wallet infrastructure.
In its official incident report, the exchange said attackers exploited a vulnerability in a third-party security product, obtained internal credentials and issued fraudulent withdrawal commands.
Bitget subsequently estimated that approximately $387.5 million in assets had been transferred to attacker-controlled addresses.
The company said customer account balances were unaffected and its cold wallets remained secure. Withdrawals were temporarily suspended while security teams isolated the affected systems and investigated the unauthorized transfers.
Bitcoin withdrawals resumed on September 28, followed by other major cryptocurrencies. Bitget completed its phased restoration of withdrawal services on October 2, although efforts to trace and recover stolen funds continued.
As crypto.news previously reported, the breach prompted a dispute with THORChain after Bitget requested restrictions on addresses associated with the stolen assets.
THORChain argued that its emergency network halt mechanisms were intended to protect the protocol, not selectively block individual transactions.
Separate research into laundering fees found that services used to move stolen funds collected approximately $761,725 in fees, according to blockchain investigator Andrey Sergeenkov.
Furtheron-chain investigations identified suspected stolen assets moving toward Zcash in October, although investigators had not publicly documented every transaction involved.
Regulatory approval remains necessary before Thai launch
Thailand requires cryptocurrency exchanges and other digital asset businesses to obtain authorization from the country’s Securities and Exchange Commission.
Bitget’s terms of use, updated in October, continue to list Thailand among jurisdictions restricted from accessing its international platform.
Acquiring a locally licensed business does not automatically remove that restriction. The company must complete the transaction and obtain approval for the change of control before introducing its services to Thai customers.
GMO Internet’s September filing states that the share transfer price will remain undisclosed at the buyer’s request. The company expects the sale to have a minimal impact on its consolidated financial results for 2026.
