Bitget to Acquire Licensed Thai Exchange Weeks After $388M Hack
Published October 20, 2026, 06:20 PM PKT. Based on Bitget's October 20, 2026 announcement as published by mpost.io (primary source) and GMO Internet's September 24 disclosure as reported by finance.biggo.com, with reporting from CoinTelegraph, crypto.news and cryptocompass on October 20, 2026 (secondary sources).
Bitget announced on October 20, 2026 that it will acquire a licensed cryptocurrency exchange in Thailand, giving the trading platform a regulated entry point into the Thai market less than a month after a security breach drained about $388 million from its wallets. The target is GMO-Z.com Cryptonomics (Thailand) Co., Ltd., a Bangkok-based digital asset exchange and brokerage, and the buyer is BTGT Management (Thailand) Ltd., an entity in which Bitget says it holds an interest, according to the announcement.
The deal on the table
Under the proposed transaction, GMO Internet, Inc. and its consolidated subsidiary, GMO-Z.com Holdings (Thailand) Co., Ltd., along with other holders, will transfer their entire shareholding in GMO-Z.com Cryptonomics (Thailand) to BTGT Management (Thailand) Ltd. or its designated entity at completion, crypto.news reported. The combined stake being sold is 99.94 percent of the exchange operator, according to the same report. GMO-Z.com Cryptonomics operates Z.com EX, which launched in February 2021 and holds a digital asset exchange license from Thailand's Securities and Exchange Commission, finance.biggo.com reported.
GMO Internet disclosed the planned sale to BTGT Management in a September 24 filing and targeted an October 31 closing date, finance.biggo.com reported. Bitget's October 20 announcement confirmed its involvement in the transaction. Completion hinges on regulatory approval, including sign-off on the change of control, the announcement said. Bitget did not disclose the purchase price or the size of its stake in BTGT Management, CoinTelegraph reported.
A licensed route into a closed market
Once the deal closes and authorities approve the change of control, Bitget intends to introduce its trading platform to Thai users through the locally operated exchange, running under Thai rules, the announcement said. Thailand is currently listed among the prohibited jurisdictions in Bitget's own terms of use, which the exchange updated on October 16, CoinTelegraph reported, so the acquisition gives Bitget a path to serve the market through a locally licensed operator instead.
"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," Bitget CEO Gracy Chen said in the announcement. "Our priority is to develop the right operational foundation while bringing Bitget's global experience and capabilities to the market." The announcement also noted that the proposed acquisition provides an opportunity for Bitget to draw on the local company's existing business experience and market knowledge.
The $388M hack hanging over it
The proposed deal follows a September 24 attack on Bitget's hot and warm wallet infrastructure. In its account of the breach, Bitget said approximately $388 million was affected after attackers exploited a vulnerability in a third-party security product and issued fraudulent withdrawal commands, CoinTelegraph reported. Bitget said customer account balances were unaffected and that it completed the phased restoration of withdrawals on October 2. The exchange also said the loss falls within the coverage of its user protection fund.
The acquisition is the latest in a string of rapid moves from the exchange since the breach. On October 17, Bitget announced plans to discontinue services for certain users, describing the move as a "one-off exercise," CoinTelegraph reported.
The target's finances
The Thai operator being acquired is not profitable. GMO-Z.com Cryptonomics reported an operating loss of 74.16 million baht in 2025, according to the seller's financial disclosure reported by cryptocompass. The seller, GMO Internet Group, is a long-established Japanese technology and financial services conglomerate with a history of operating crypto exchanges and mining businesses, bitcoininsider.org reported. The announcement positions the deal as part of Bitget's broader evaluation of expansion opportunities across Southeast Asia, where demand for digital financial services is developing alongside evolving regulatory frameworks.
This article is news reporting and is not investment advice.
Sources
- Bitget, press release, October 20, 2026, primary source: planned acquisition of GMO-Z.com Cryptonomics (Thailand) Co., Ltd. through BTGT Management (Thailand) Ltd., in which Bitget holds an interest; transfer of the sellers' entire shareholding at completion; completion subject to applicable regulatory approval; intent to introduce Bitget's trading platform to Thai users through the locally operated exchange; Gracy Chen statements on Thailand's role in Southeast Asia's digital asset landscape (as published by mpost.io)
- GMO Internet, disclosure, September 24, 2026, primary source: planned sale of its stake in GMO-Z.com Cryptonomics (Thailand) to BTGT Management (Thailand) Ltd., with an October 31 closing target (as reported by finance.biggo.com)
- CoinTelegraph, October 20, 2026, secondary source: ~$388 million September 24 breach account (third-party security product vulnerability, fraudulent withdrawal commands), customer balances unaffected, phased withdrawal restoration completed October 2, October 17 "one-off exercise" service discontinuation, October 16 terms update listing Thailand among prohibited jurisdictions, undisclosed deal terms and ownership percentage
- crypto.news, October 20, 2026, secondary source: 99.94 percent combined stake transfer, regulatory approval and other conditions, rollout plans after change-of-control approval
- finance.biggo.com, October 20, 2026, secondary source: GMO-Z.com Cryptonomics operates Z.com EX, launched February 2021 with a Thai SEC digital asset exchange license; September 24 disclosure and October 31 closing target
- cryptocompass, October 20, 2026, secondary source: 74.16 million baht operating loss in 2025 from seller disclosure; Bitget confirmed involvement in the transaction
- bitcoininsider.org, October 20, 2026, secondary source: GMO Internet Group background, Thailand's formal licensing regime for digital asset businesses overseen by its securities regulator
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