Bitget announced a planned acquisition of GMO-Z.com Cryptonomics (Thailand) Co., Ltd., a Bangkok digital asset exchange and brokerage. The purchase runs through its interest in BTGT Management (Thailand) Ltd. GMO Internet, Inc. and its subsidiary, among others, would transfer their entire shareholding to BTGT or a designated entity. Completion needs regulatory approval and other conditions. GMO's Sept. 24 filing targets Oct. 31 for the transfer. Bitget declined to say how large its stake in BTGT is or what the deal is worth.
Bitget announces the planned acquisition of https://t.co/QnRJ4MePCq Cryptonomics (Thailand), providing an opportunity for Bitget to establish a stronger operational presence in Thailand. https://t.co/a8rJNgoGcd Cryptonomics is a Bangkok-based licensed digital asset exchange… pic.twitter.com/TlmgVRuT0r
— Bitget (@bitget) October 20, 2026
Why GMO is selling
GMO decided on March 18 to leave Thailand's digital asset business, either by selling the unit or by liquidating it. Its Sept. 24 notice cites the digital asset market environment in Thailand as the reason. The filing describes the buyer as a company newly established to acquire the business and expand into crypto-related activity in Thailand.
The price has not been disclosed, and this was at the buyer's request. GMO told investors the sale should have only a minor effect on its fiscal 2026 results. Bitbase, citing the seller's disclosure, reports that the Thai unit lost 74.16 million baht at the operating level in 2025.
What Bitget gets
The target operates Z.com EX, which launched in February 2021, and the Thai Securities and Exchange Commission lists it among licensed exchange operators. CEO Gracy Chen said the deal gives Bitget "a great opportunity to establish local operations in a thriving country." Once the sale closes and the change of control is approved, Bitget intends to bring its trading platform to Thai users. The release gives no launch date.
Sawadika 🇹🇭
— Gracy Chen @Bitget (@GracyBitget) October 20, 2026
Bitget has acquired a Bangkok-based licensed digital asset exchange and brokerage — a real milestone on our regulatory path in Southeast Asia.
Thailand is one of the region’s most dynamic markets, and this gives us a licensed local foundation to build operations the… https://t.co/vWXkFo2Do3 pic.twitter.com/4766XG6YPO
A license is the point of the purchase. Two royal decrees that took effect in April 2025 require any offshore platform targeting Thai residents to hold an SEC license. Thailand moved last year to block several unlicensed foreign platforms.
The SEC has also pursued local partners. In February 2026 it filed a criminal complaint against a licensed Thai broker, its affiliated overseas platform and executives of both, alleging they ran an unlicensed exchange since 2023. Lex Bangkok reads the case as a signal that a licensed local intermediary offers no safe harbour.
The timing after the September breach
Bitget reported unauthorized transfers from its hot wallets on Sept. 24. It first put the loss at $351.6 million, then raised it to about $387.5 million after finding more Zcash and TRON transfers. The exchange says cold wallets were untouched and user balances stayed intact. It said the loss fell within its User Protection Fund, which held more than $464 million at the time. On Sept. 30 Bitget said the fund was back above $300 million, and withdrawals for all supported tokens resumed Oct. 2.
The Thai announcement came 26 days after the breach. GMO's board resolution to sell is dated the same day as the incident. The Bitget release does not mention the hack.
A Thai market in flux
Bitkub once held more than 90% of Thai crypto trading. The Bangkok Post reports its share has fallen to roughly half that or less, and says Binance TH has overtaken it in volume, according to CoinMarketCap data.
Bitget describes itself as the world's largest Universal Exchange, with more than 125 million users. Crypto Briefing says that until local authorities approve the share transfer, Bitget holds an agreement and not an exchange, and it calls Oct. 31 the first date to watch.
Tanya Petrusenko
Disclaimer: All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Cryptocurrency investments involve significant risk of loss. Please note that, despite the nature of much of the material created and hosted on this website, HODL FM operates as a media and informational platform, not a provider of financial advisory services. The opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice, HODL FM strongly recommends contacting a qualified industry professional.
