Bitget's Thai Acquisition Target Lost 87.6 Million Baht in 2025

Bitget’s planned acquisition of a licensed Thai crypto exchange would bring it a business that lost about 87.6 million baht in 2025, nearly eight times its net sales that year.

GMO-Z.com Cryptonomics (Thailand) Co., Ltd. recorded net sales of about 11 million baht in 2025. It also posted net losses in 2023 and 2024. The financial record adds context to Bitget’s planned purchase of the Thai exchange, which has yet to close.

GMO Internet, Inc. approved the sale on Sept. 24 to BTGT Management (Thailand) Ltd. or its designee. BTGT was formed Sept. 22 for the acquisition, with share capital of 2 million baht. Bitget holds an interest in BTGT but has not disclosed the size of its stake.

The proposed transfer covers 7,349,446 shares. GMO Internet holds 49% of the exchange directly, while its Thai holding company holds 50.94%. The sale price has not been disclosed; BTGT’s share capital is a separate figure and does not represent the purchase price.

The target is licensed in Thailand to provide digital asset exchange and brokerage services. Bitget plans to offer its trading platform to Thai users through the business after the transaction closes and the change of control receives approval.

GMO Internet expects the sale to have a minimal effect on its 2026 results. The share transfer is expected to take effect Oct. 31, subject to Thai regulatory approval and other conditions.