Crypto exchange Bitget plans to buy GMO-Z.com Cryptonomics (Thailand), a licensed digital asset exchange and brokerage in Bangkok owned by Japan’s GMO Internet, it said in a press release on 20 October 2026. The deal would give Bitget a licensed local business through which to offer its platform to users in Thailand.
The purchase is not done. Bitget said completion “is subject to applicable regulatory approval, among other conditions”. Neither company has disclosed a price.
In brief
- Bitget plans to buy GMO-Z.com Cryptonomics (Thailand) through BTGT Management (Thailand), a newly formed Bangkok company.
- The deal would give Bitget a licensed route into Thailand’s regulated crypto market.
- The price is undisclosed, and the deal still needs Thai regulatory approval.
What is Bitget buying?
According to Bitget, GMO Internet and its subsidiary GMO-Z.com Holdings (Thailand), “amongst others, will transfer their entire shareholding” in the exchange to BTGT Management (Thailand) “and/or its designated entity at completion”. Bitget says it is buying “through its interest in” BTGT, but has not said how large that interest is.
GMO Internet’s board approved the sale to BTGT on 24 September, in a stock-exchange filing that did not mention Bitget. Unchained reported the link between the filing and Bitget’s announcement.
The filing explains why no price is public. “At the request of the buyer, the sale price is undisclosed, but the sale price appropriately reflects market pricing,” GMO said. It listed the share transfer as “Expected on October 31, 2026 (Scheduled)”.
| Deal detail | Figure |
|---|---|
| Shares changing hands | 7,349,446 (100%) |
| Buyer vehicle | BTGT Management (Thailand) |
| BTGT founded | 22 September 2026 |
| Price | Undisclosed |
| Scheduled transfer | 31 October 2026 |
Who is behind the buyer?
GMO’s filing describes BTGT as “newly established for the purpose of acquiring the business in question and expanding into crypto-asset-related business in Thailand”. It lists share capital of 2 million baht and two shareholders, BTGT Investment Holdings Limited with 51% and BTGT Holdings Limited with 49%.
The filing says the buyer’s major shareholders are in the digital assets business and “will comply with the approval of major shareholders regulation of the Thai Securities and Exchange Commission”. That points to the main hurdle: Thailand’s regulator must approve the change of control.
Bitget says it will only bring its trading platform to Thai users after the deal completes and it receives “the necessary regulatory approval for the change of control”. It says it would then operate in line with Thai rules.
Why is GMO selling?
GMO Internet announced in March 2026 that it would withdraw from the Thai digital asset business, citing the market environment there. It had bought the Thai companies from its parent, GMO Internet Group, in March 2025, the filing says.
The exchange has been losing money. The filing shows a loss of about 87.6 million baht in 2025 on net sales of about 11 million baht, and losses in 2023 and 2024 as well. GMO expects the sale’s impact on its 2026 consolidated results “to be minimal”.
What does Bitget say?
“Thailand is an important part of Southeast Asia’s digital asset landscape, and this acquisition gives us a great opportunity to establish local operations in a thriving country,” said Bitget chief executive Gracy Chen. She said the priority was “to develop the right operational foundation”.
The deal comes weeks after a 24 September attack on Bitget in which about $388 million was taken from its hot and warm wallets, according to Unchained. Hacken counted it as the largest crypto hack of the third quarter. Unchained reports that Bitget has said customer balances were not affected.
Our read
This is TSN’s analysis. Buying a company that already holds a Thai licence gives Bitget a shortcut into a regulated market, rather than applying from scratch. The open question is timing. GMO’s 31 October date was set in September, and Unchained reports that no Thai approval had been announced by 20 October. Until the regulator signs off on the new owners, Bitget’s Thai launch remains a plan.
Sources
- Bitget: “Bitget Acquires Licensed Exchange To Expand into Thailand” (20 October 2026)
- GMO Internet: “(Update on Disclosed Matter) Notice Concerning Transfer of Shares in a Consolidated Subsidiary (Digital Asset Business in Thailand)” (PDF) (24 September 2026)
- Unchained: “Bitget Reveals It Is Behind the Buyer of GMO Internet’s Licensed Thai Crypto Exchange” (20 October 2026)
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