The proposed acquisition involves Bangkok-based GMO-Z. com Cryptonomics (Thailand) Co., Ltd., which operates a digital asset exchange and brokerage. Bitget said on Tuesday that the purchase would be undertaken through its interest in BTGT Management (Thailand) Ltd., a locally registered company.
Under the arrangement, Japan’s GMO Internet, its subsidiary GMO-Z. com Holdings (Thailand), and other shareholders would transfer their holdings to BTGT Management or its designated entity. Completion depends on regulatory consent and other contractual conditions, including approval of the proposed change in ownership.
GMO Internet’s corporate disclosures show that it and its Thai subsidiary together own 99.94 per cent of the exchange operator. The planned disposal covers 7,349,446 shares, comprising a direct holding of 49 per cent and a further 50.94 per cent held through the Thai subsidiary.
The seller has scheduled the share transfer for October 31, although that date remains conditional on the necessary clearances. Neither the acquisition price nor the size of Bitget’s interest in BTGT Management has been publicly disclosed. The proposed buyer was incorporated in Thailand in September.
Bitget intends to introduce its trading platform to customers in Thailand after completing the acquisition and obtaining approval for the change of control. The company has not announced a launch date or specified which products would initially be available to local customers.
Thailand requires digital asset exchange operators to hold licences and meet the Securities and Exchange Commission’s supervisory requirements. Buying an existing licensed operator does not remove the obligation to secure approval for changes involving major shareholders or to meet continuing regulatory standards.
GMO-Z. com Cryptonomics operates the Z. com EX platform, which began trading in 2021. Its licences, staff and operations are central to Bitget’s stated plan to establish a locally operated business rather than simply extend access to its international platform.
Gracy Chen, Bitget’s chief executive, said local knowledge and regulatory understanding were essential to establishing operations. “Building a presence in a market requires local expertise, an understanding of the regulatory environment and a long-term commitment to the market,” she said.
Chen described Thailand as an important market within Southeast Asia’s digital asset sector and said the company wanted to combine its international capabilities with local operations. Those plans remain dependent on the acquisition proceeding and on decisions by Thai authorities.
The transaction also marks an exit from Thailand’s digital asset business for the GMO sellers. GMO Internet announced in March that it intended to withdraw from the operation, either through a disposal or through dissolution and liquidation, before identifying the planned share transfer in a September disclosure.
Financial information disclosed by the seller shows that the Thai operator recorded an operating loss of 74.16 million baht in 2025, compared with losses of 101.68 million baht in 2024 and 115.33 million baht in 2023. Revenue declined from approximately 13.2 million baht in 2024 to 11.02 million baht last year.
The figures underline the commercial challenges facing the business that Bitget proposes to take over. The company has not published financial projections for the Thai operation or explained whether it expects to retain the existing brand after completion.
Bitget describes its international business as a Universal Exchange, combining cryptocurrency trading with access to other financial market products. Its proposed Thai operation would nevertheless be governed by the permissions and restrictions attached to the locally licensed entity, rather than by the range of services available elsewhere.
The proposed takeover comes as Thailand maintains restrictions on offshore cryptocurrency platforms operating without domestic authorisation. The distinction matters for Bitget because an international exchange account does not itself confer permission to solicit customers or provide regulated trading services in the country. Its plans therefore depend not only on purchasing shares but also on satisfying local ownership, governance and operational requirements. No regulatory decision approving the transaction had been announced alongside Bitget’s statement on Tuesday, and the company did not indicate when clearance might be granted.
GMO Internet’s disclosure identifies BTGT Management as the proposed recipient of the shares, or an entity nominated by it. The transfer would leave GMO Internet and its Thai holding company without an ownership interest in GMO-Z. com Cryptonomics once the transaction is completed.
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