Crypto firm Bitkub Raises $17.8 Million by Selling 9.22% Stake

As stated by recent regulatory documents, Bitkub has agreed to sell a 9.22% ownership in the company to Asphere Innovations, a local game publisher, for a stunning $17.8 million. This capital injection is expected to strengthen Bitkub's financial stability, allowing it to continue operations in a volatile market.

Bitkub's fundamental offering is a user-friendly platform for crypto enthusiasts to trade digital assets. This Thai-based FinTech firm obtained a license from Thailand's Ministry of Finance in 2019, which adds to its legitimacy in the crypto market.

The freshly acquired capital of $17.8m is expected to help Bitkub in expanding its digital asset services throughout Thailand. With over 6.2m people owning crypto in the country, as of last year, Bitkub stands to gain significantly from this digital asset boom.

In other news, Bitkub has come under fire after a potential takeover by Thai bank SCBX was canceled due to regulatory concerns. The due diligence process revealed a number of difficulties that Bitkub's management needed to address, as well as additional ones that the country's Securities and Exchange Commission ordered Bitkub to address.

Bitkub claimed $80 million in revenue in 2022, a 48% decline from the previous year owing to the crypto winter. During the same timeframe, the company's profits fell by 86% due to the difficult period.