Bitget targets Thai market entry through acquisition of GMO-Z.com

The deal, facilitated through the investment vehicle BTGT Management, hinges on regulatory approval from the Thai Securities and Exchange Commission. While the purchase price remains undisclosed, financial disclosures from the seller, GMO Internet, reveal the subsidiary has struggled, recording an operating loss of 74.16 million baht in 2025. This acquisition follows a broader strategy by GMO Internet to divest from the Thai digital asset sector, a process initiated earlier this year.

Challenges and regulatory hurdles

Bitget’s expansion comes during a tumultuous period for the exchange. On September 24, hackers exploited a third-party security vulnerability to drain approximately $387.5 million in assets from the platform’s hot and warm wallets. Although Bitget maintains that customer balances were not compromised, the event triggered a public dispute with THORChain over attempts to freeze stolen assets. Even with the planned acquisition of a licensed entity, Bitget remains restricted in Thailand under its current terms of use. The company must navigate a formal change-of-control process with local regulators before it can legally launch services for Thai users. BTGT Management, the buyer in this transaction, was incorporated just two days prior to the initial sale announcement, underscoring the rapid nature of the exchange's pivot toward the Thai market.