The acquisition would be conducted through BTGT Management (Thailand), an investment company in which Bitget holds an undisclosed interest. Japanese technology group GMO Internet disclosed the proposed sale on September 24, with completion scheduled for October 31, subject to regulatory approval.
The transaction would provide Bitget with access to an established licensed operator, although GMO’s financial disclosures show that the Thai business has recorded three consecutive years of losses.
What Is Bitget Acquiring in Thailand?
GMO Internet and its Thai holding subsidiary intend to transfer their combined 99.94% ownership of GMO-Z.com Cryptonomics to BTGT Management or a designated acquiring entity. The purchase price has not been disclosed at the buyer’s request.
BTGT Management was established on September 22 with registered capital of 2 million Thai baht. GMO’s filing identifies BTGT Investment Holdings Limited as its 51% shareholder and BTGT Holdings Limited as the remaining 49% owner, without detailing Bitget’s ultimate economic interest.
GMO-Z.com Cryptonomics operates Z.com EX, which launched in February 2021. Thailand’s Securities and Exchange Commission lists the company as an authorized digital asset exchange and brokerage operator.
Bitget intends to introduce its trading platform to Thai customers through the acquired business once the transaction and necessary regulatory approvals are completed.
The transaction still requires approval under Thailand’s rules governing major shareholders of licensed digital asset operators. Acquiring the company therefore does not automatically authorize Bitget’s international platform to serve Thai residents.
Investor Takeaway
The acquisition offers Bitget a potential route into Thailand without establishing a new licensed exchange from scratch. However, regulatory approval, ownership transparency and integration requirements remain obstacles before the company can generate local trading revenue.
What Do GMO’s Financial Statements Reveal?
GMO Internet’s September 24 filing shows that the target generated approximately 11 million baht in revenue during 2025 while recording a net loss of 87.6 million baht. Its annual losses were approximately 100 million baht in 2024 and 115 million baht in 2023.
Although losses have narrowed, operating costs continue to substantially exceed the company’s reported revenue. At the end of 2025, GMO-Z.com Cryptonomics held approximately 451 million baht in total assets against net assets of just 11.4 million baht.
The filing also identifies an 80 million baht loan provided by GMO Internet to the subsidiary, although it does not specify how that financing will be treated under the proposed sale.
GMO first announced plans to withdraw from Thailand’s digital asset business in March 2026, citing a review of its business portfolio and local market conditions. The company expects the disposal to have a minimal effect on its consolidated results.
For Bitget, the financial record suggests that acquiring regulatory infrastructure may be more valuable than acquiring an established earnings stream. Improving trading volumes and controlling compliance and operating expenses would be necessary to move the business toward profitability.
Investor Takeaway
GMO’s figures indicate that Bitget is acquiring a loss-making licensed operation rather than a proven profitable franchise. The undisclosed purchase price and uncertain future investment requirements prevent a reliable assessment of the acquisition’s potential financial return.
Why Does Thailand’s Licensing Framework Matter?
Thailand has tightened restrictions on offshore cryptocurrency platforms operating without local authorization. Bitget’s existing terms of use still identify Thailand as a prohibited jurisdiction, meaning the proposed acquisition could require a separate locally compliant operating structure.
The approach resembles KuCoin’s entry into Thailand through the licensed operator ERX in June 2025. Binance has also established a local presence through Gulf Binance.
Competition with these established operators could increase customer acquisition costs and delay profitability, particularly for a business already recording annual losses.
Bitget’s regional strategy also contrasts with its withdrawal from Japan. FinanceFeeds previously detailed Bitget’s plans to close Japanese customer positions by December 31 as the exchange responds to local regulatory restrictions.
Does the $388M Security Breach Complicate the Acquisition?
The Thai expansion announcement follows Bitget’s September 24 security incident, when attackers exploited a vulnerability in a third-party security product to access internal credentials and issue fraudulent withdrawal instructions.
The exchange subsequently confirmed approximately $388 million in affected assets across 12 hot and warm wallet addresses. As FinanceFeeds reported on the forensic investigation, the attackers exploited weaknesses in third-party software rather than obtaining the exchange’s private keys.
Bitget said customer balances remained unaffected and completed its phased withdrawal restoration on October 2. Its Protection Fund was replenished to more than $300 million, while asset tracing and recovery efforts continued.
Separately, on October 17, the exchange announced that it would discontinue services for certain users in a one-off exercise. FinanceFeeds examined the account closures and unresolved questions about the affected customers. No evidence has established a connection between those restrictions, the security breach and the Thai acquisition.
The immediate milestone is the proposed October 31 closing date. Regulatory approval, integration costs and the acquired exchange’s subsequent operating results will determine whether the transaction provides Bitget with a commercially sustainable position in Thailand.
Investor Takeaway
Restoring withdrawals reduces the immediate operational impact of Bitget’s breach but does not eliminate recovery costs or security-related reputational risk. The Thai acquisition adds execution and funding requirements at a time when the exchange is still managing the aftermath of the incident.