Bitget Plans Thailand Expansion With GMO-Z.com Cryptonomics…

Bitget plans to acquire GMO-Z.com Cryptonomics (Thailand), the operator of licensed digital asset platform Z.com EX, through BTGT Management (Thailand), an investment company in which the crypto exchange holds an undisclosed interest. The proposed deal, announced Oct. 20, would give Bitget a regulated foothold in Thailand. GMO Internet disclosed the sale on Sept. 24 and set completion for Oct. 31, subject to regulatory approval.

GMO Internet and its Thai holding subsidiary intend to transfer their combined 99.94% stake in GMO-Z.com Cryptonomics to BTGT Management or a designated acquirer. The purchase price was not disclosed at the buyer's request. BTGT Management was formed on Sept. 22 with registered capital of 2 million Thai baht. GMO's filing lists BTGT Investment Holdings as a 51% shareholder and BTGT Holdings as the 49% owner, without detailing Bitget's ultimate economic interest.

Z.com EX launched in February 2021, and Thailand's Securities and Exchange Commission lists the company as an authorized digital asset exchange and brokerage operator. Bitget intends to introduce its trading platform to Thai customers once the transaction and necessary approvals are completed. The deal still requires approval under Thai rules governing major shareholders of licensed digital asset operators, so the acquisition alone would not automatically allow Bitget's international platform to serve Thai residents.

Loss-making target

GMO's filing shows the Thai business generated about 11 million baht in revenue in 2025 while recording a net loss of 87.6 million baht. Annual losses were approximately 100 million baht in 2024 and 115 million baht in 2023. At the end of 2025, GMO-Z.com Cryptonomics held about 451 million baht in total assets against net assets of just 11.4 million baht. The filing also identifies an 80 million baht loan from GMO Internet to the subsidiary but does not specify how it will be treated in the sale. GMO first announced plans to withdraw from Thailand's digital asset business in March 2026, citing a portfolio review and local market conditions, and expects the disposal to have a minimal effect on consolidated results.

Thailand has tightened restrictions on offshore crypto platforms operating without local authorization, and Bitget's terms of use still identify Thailand as a prohibited jurisdiction. The approach resembles KuCoin's entry through licensed operator ERX in June 2025 and Binance's local presence through Gulf Binance. Bitget also plans to close Japanese customer positions by Dec. 31 in response to local regulatory restrictions.

The Thai expansion follows Bitget's Sept. 24 security incident, when attackers exploited a vulnerability in a third-party security product to access internal credentials and issue fraudulent withdrawal instructions. The exchange confirmed about $388 million in affected assets across 12 hot and warm wallet addresses. Bitget said customer balances were unaffected and completed phased withdrawal restoration on Oct. 2, while its Protection Fund was replenished to more than $300 million. On Oct. 17, it announced it would discontinue services for certain users in a one-off exercise. No evidence has connected those restrictions, the breach and the Thai acquisition.