Photo credit: Bitkub

Bitkub, a Thailand-based crypto exchange, has agreed to sell a 9.22% stake in the company to local game publisher Asphere Innovations for US$17.8 million, according to regulatory filings.

The sale of shares to Asphere will provide Bitkub with additional capital, which will help the company expand its digital asset services in Thailand, a country where over 6.2 million people owned crypto as of last year.

Founded by Jirayut Srupsrisopa in 2018, Bitkub allows users to buy, sell, and store cryptocurrency assets. In early 2019, the company obtained a license to operate in Thailand from the country’s Ministry of Finance.

Bitkub achieved unicorn status after its initial announcement that it would be acquired by Thai bank SCBX, which would value the 51% stake at over US$500 million.

However, the acquisition was called off due to regulatory issues last year after a due diligence exercise found numerous issues that needed to be addressed by Bitkub’s management. There were also problems that had to be resolved on the orders of the country’s Securities and Exchange Commission.

Bitkub reported revenue of US$80 million in 2022, down 48% from the previous year amid a crypto winter that also dragged the company’s profits lower by 86% during the same period.

See also: Inflation and rising interest rates – not US default – will drive Asia to adopt crypto