Bitget is paying an undisclosed price for a crypto exchange that loses money almost every year. That isn’t a mistake. In 2026, the scarce asset in crypto is a local licence, not users or revenue, and this deal shows how much an exchange will put up with to get one. For Indian readers there’s a second lesson: the same company that is buying its way into Thailand still isn’t registered to serve India.
What Bitget announced
On October 20, Bitget said it plans to acquire GMO-Z.com Cryptonomics (Thailand), a licensed Bangkok exchange and brokerage owned by Japan’s GMO Internet (Bitget announcement). The buyer is BTGT Management (Thailand) Ltd., a company Bitget has an interest in, and it hasn’t said how large that stake is.
According to GMO’s filing, as reported by Unchained:
- GMO’s board approved the sale on September 24, but the filing didn’t mention Bitget.
- BTGT was set up on September 22, just two days earlier, with share capital of 2 million baht.
- All 7,349,446 shares change hands. GMO Internet holds 49% directly and its Thai holding company holds 50.94%.
- The price was withheld “at the request of the buyer”. GMO expects the effect on its 2026 results to be “minimal”.
- The target date for the share transfer is October 31, subject to Thai SEC approval of the new major shareholders.
Bitget says it will bring its own platform to Thai users only after the deal closes and the change of control is approved.
The BtcMedia math: what Bitget is actually buying
The filing’s own numbers show this is a licence purchase, not a business purchase.
| Item (2025) | Figure | What it tells you |
|---|---|---|
| Net sales | ~11 million baht | Tiny for a licensed exchange |
| Net loss | ~87.6 million baht | Losses ran at about 8x revenue |
| Loss years | 2023, 2024, 2025 | Never profitable in the period shown |
| Shares sold | 7,349,446 (100%) | A full takeover, not a stake |
| GMO’s view of the impact | ”minimal” | Hints at a small price relative to GMO |
Our calculation: 87.6 ÷ 11 ≈ 7.96, so for every baht of sales the exchange lost roughly 8 baht. Source figures from GMO’s filing via Unchained.
No buyer pays a premium for a business losing eight baht for every one it earns. What makes it worth buying is the paperwork: an existing Thai SEC licence, local compliance staff and a working operation. Getting all that from scratch can take years. Buying it can take weeks, if the regulator agrees.
The approval risk nobody should skip
The October 31 date isn’t guaranteed. Thailand’s SEC has to approve BTGT’s major shareholders, and as of Unchained’s report no approval had been announced. The timing is also awkward. On September 24, the same day GMO’s board approved the sale, attackers took about $388 million from Bitget’s hot and warm wallets. Bitget says customer balances weren’t affected and its protection fund covered the loss, and it began restoring withdrawals in phases on September 28 (Unchained).
A regulator weighing a change of control will look at the buyer’s security record. Whether that delays the deal is an open question, and we’re not predicting the outcome.
What it means for Indian investors
This is where the story turns local. Every crypto platform that serves Indians has had to register with the Financial Intelligence Unit-India (FIU-IND) since March 2023, whether it is based in India or offshore (PIB).
- Bitget paused new sign-ups from India on February 6, 2026, saying it was aligning with local FIU requirements. Existing users kept access (Bitget support page).
- Bitget isn’t on the list of 54 registered providers that the government tabled in the Lok Sabha on March 30, 2026, and that same answer lists it among offshore platforms whose apps and sites FIU-IND directed to be taken down (BestCryptoIndia’s summary).
So the contrast is plain. In Thailand, Bitget is buying a licence to operate legally. In India, it has paused onboarding rather than registered. If you’re an existing Indian user, your account still works under Bitget’s current policy, but you’re on a platform outside India’s anti-money-laundering framework. That matters for recourse if something goes wrong, and the September hack is a reminder that things can.
BtcMedia verdict
Bitget’s Thai move confirms a trend: global exchanges now buy local licences instead of serving countries from offshore. That’s healthy for users wherever it happens. For Indians, the useful test is simple. Before you deposit, check whether the platform is FIU-IND registered, not whether it’s big.
FAQ
Has Bitget completed the Thai acquisition? No. The deal targets October 31, 2026, but it needs Thai regulatory approval, including for the change of control.
How much is Bitget paying? The price hasn’t been disclosed. GMO withheld it at the buyer’s request.
Can new users in India sign up for Bitget? No. Bitget paused new Indian sign-ups on February 6, 2026, and we found no sign that the pause has ended.
This article is for information only and isn’t financial advice. Crypto is volatile; do your own research.