Cryptoupdated 1h ago2 min read
Bitget Plans To Acquire GMO-Z.com Cryptonomics After $388M Hack
This article is an automated aggregation of coverage from news outlets. Our editorials offer in-depth analysis curated by the NewsCord team.
Bitget plans to acquire GMO-Z.com Cryptonomics (Thailand) to expand into Thai market. The deal is via BTGT Management (Thailand), in which Bitget holds an interest.
5 outlets told this the same way.
Deal After $388M Hack
Bitget announced plans to acquire Thailand’s GMO-Z.com Cryptonomics through BTGT Management (Thailand), a move the company said would give it a route into Thailand’s crypto market through a locally licensed operator.
Bitget said the acquisition would allow it to introduce its trading platform to Thai users, and Bitget CEO Gracy Chen said, “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’s plan came weeks after a Sept. 24 attack on its hot and warm wallet infrastructure, which Bitget said affected approximately $388 million after attackers exploited a vulnerability in a third-party security product and issued fraudulent withdrawal commands.
Bitget said customer account balances were unaffected and that it completed the phased restoration of withdrawals on Oct. 2, while the proposed transaction’s completion remained subject to regulatory approval and other conditions.
Who Sells, Who Buys
GMO Internet disclosed the proposed share transfer to BTGT Management in a Sept. 24 filing, targeting completion for Oct. 31, and Bitget identified its involvement in the transaction in an announcement shared with Cointelegraph.
GMO Internet and its Thai subsidiary plan to sell their combined 99.94% stake in the exchange operator, and the seller scheduled the share transfer for October 31 subject to regulatory approval and other conditions.
Bitget declined to comment on how much interest it holds and the financial and ownership terms, and the acquisition would involve BTGT Management (Thailand), a company in which Bitget said it holds an interest.
Bitget has not disclosed its ownership percentage in BTGT Management or the purchase price, and the exchange plans to introduce its trading platform to Thai users once the transaction is completed and authorities approve the change of control.
Regulatory Approval and Losses
GMO-Z.com Cryptonomics operates Z.com EX, which launched in February 2021, and the Thai Securities and Exchange Commission lists the company among its licensed digital asset exchange operators. GMO-Z.com Cryptonomics reported a 74.16 million baht operating loss in 2025, and the Thai operator recorded an operating loss of 74.16 million baht in 2025, compared with 101.68 million baht in 2024 and 115.33 million baht in 2023.
The operation still requires regulatory authorizations and, if completed, would allow the platform to prepare its entry into the Thai market, while it described the agreement as an equity transaction rather than an immediate launch. Thailand requires cryptocurrency regulatory approval before the change of control can take effect, and Bitget has not announced a date for launching its services in the country.