Bitget plans to enter Thailand through a proposed acquisition by BTGT Management, a company in which Bitget says it holds an interest. The deal still needs regulatory approval. It comes weeks after Bitget reported that about $387.5 million in assets were transferred during a cyberattack.
- BTGT Management is set to acquire GMO Internet’s and its Thai subsidiary’s combined 99.94% stake in GMO-Z.com Cryptonomics.
- The share transfer is scheduled for October 31, 2026, subject to approval and other conditions.
- The licensed exchange operator has reported operating losses for three consecutive years.
- Bitget says customer balances were unaffected by the attack. It has not disclosed the final amount recovered.
A proposed acquisition, not a Thai launch
Bitget named BTGT Management (Thailand) as the proposed buyer of GMO-Z.com Cryptonomics (Thailand) in an announcement on October 20, 2026. Bitget says it holds an interest in BTGT Management, but has not disclosed its ownership percentage or ultimate economic stake.
GMO Internet and its Thai subsidiary together hold 99.94% of the exchange operator and plan to transfer that stake. The Crypto Times, citing details from GMO Internet’s filing, reported that the share transfer is scheduled for October 31, 2026, subject to regulatory approval and other conditions. GMO Internet said the buyer had requested that the purchase price remain undisclosed.
GMO-Z.com Cryptonomics operates Z.com EX, a digital-asset trading platform launched in February 2021. Thailand’s Securities and Exchange Commission lists the company as a licensed digital-asset exchange operator. But that license does not mean Bitget can start serving customers right away. The proposed change of control still needs approval, and no Thai launch date has been announced.
Bitget’s international-platform terms, updated in October 2026, reportedly still listed Thailand as a restricted jurisdiction. That restriction is separate from the proposed local operation. The acquisition would need to close and receive approval before Bitget could pursue local services through the Thai company.
Bitget CEO Gracy Chen said local knowledge and an understanding of regulation were central to the company’s plans.
“Building a presence in a market requires local expertise, an understanding of the regulatory environment and a long-term commitment to the market.”
Buying into an established operator could give Bitget a route into the market, but it does not let the company skip regulatory review. The approval process, its timing and any conditions have not been detailed publicly in the available disclosures.
The target’s losses narrowed, but revenue fell
GMO Internet announced in March 2026 that it planned to leave Thailand’s digital-asset business. According to crypto.news, the company cited a review of its investment portfolio and the subsidiary’s performance.
GMO-Z.com Cryptonomics reported operating losses of 115.33 million baht in 2023, 101.68 million baht in 2024 and 74.16 million baht in 2025. The figures were reported by crypto.news from the company’s financial disclosures. Losses narrowed each year, but the operator was still in the red in 2025.
Revenue fell from approximately 13.2 million baht in 2024 to 11.02 million baht in 2025. At the end of 2025, the company reported total assets of 451.03 million baht and net assets of roughly 11.4 million baht. Net assets are assets minus liabilities, but these figures alone do not show the company’s full financial health. The reported disclosures do not explain the revenue decline.
What Bitget says happened in the attack
On September 24, 2026, Bitget reported an attack targeting its hot and warm wallet infrastructure. These terms describe systems used to hold or manage digital assets with different levels of online connectivity. Cold wallets are kept offline or more isolated from online systems.
Bitget said attackers exploited a vulnerability in a third-party security product, obtained internal credentials and issued fraudulent withdrawal commands. The exchange estimated that approximately $387.5 million in assets were transferred to attacker-controlled addresses. Headlines have rounded the figure to about $388 million. It represents Bitget’s estimate of assets moved, not a confirmed final loss after any recovery.
Bitget said customer account balances were unaffected and its cold wallets remained secure. Those are company statements, and the available disclosures do not include an independent audit to verify them.
Withdrawals were temporarily suspended during the response. Bitcoin withdrawals resumed on September 28, followed by other major cryptocurrencies. Bitget said the phased restoration of withdrawal services was complete by October 2. The company said efforts to trace and recover funds were continuing, but it has not disclosed a final recovered amount.
The attack also sparked a dispute with THORChain. Bitget sought restrictions on addresses associated with the stolen assets. THORChain said its emergency network-halt mechanisms were meant to protect the protocol, not selectively block individual transactions. The dispute shows the tension between responding to theft and preserving permissionless systems, which are designed to limit discretionary control. Similar questions about security and intervention have surfaced in a DeFi platform cyberattack.
Key questions and answers
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Who is the proposed buyer of the Thai exchange?
BTGT Management (Thailand) is the proposed buyer of GMO-Z.com Cryptonomics. Bitget says it holds an interest in BTGT Management, but has not disclosed its percentage or ultimate economic stake. Bitget has also outlined its broader exchange ambitions.
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When could the ownership transfer happen?
The transfer of GMO Internet’s and its Thai subsidiary’s combined 99.94% stake is scheduled for October 31, 2026, subject to regulatory approval and other conditions. It has not been completed.
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Did the Thai exchange report operating losses?
Yes. It reported operating losses in 2023, 2024 and 2025. The losses narrowed from 115.33 million baht to 74.16 million baht over that period.
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How much was transferred in the Bitget attack?
Bitget estimated that approximately $387.5 million in assets were transferred to attacker-controlled addresses. The available disclosures do not establish how much was recovered or remains unrecovered.
The next tests are straightforward: whether regulators approve the change of control, whether the transfer closes as scheduled, and whether Bitget provides a clearer account of the assets moved and any recovery. Until then, Thailand is a proposed expansion, not an operating market for Bitget.
