DV8 Public Company Limited announced the share acquisition agreement on March 24 to purchase a significant equity stake in Rakkar Digital, a custodian licensed by Thailand's Securities and Exchange Commission. The transaction includes up to 100 million Thai baht (~$3.1 million) capital injection to meet regulatory net capital requirements.
Rakkar operates as a joint venture between SCBX (the parent company of Siam Commercial Bank) and Fireblocks, managing over $700 million in assets under custody as of December 24, 2024. The custodian received a $10 million seed investment from SCB 10X in 2022.
DV8 describes itself as an "advertising agency that produces advertising media for leading shops and shopping malls in Thailand."
It has announced plans to acquire 10,000 BTC by 2028, beginning with 1,000 BTC in 2026. The accumulation strategy follows a 2025 ownership shift when a Bitcoin-focused consortium led by Sora Ventures acquired control of DV8 through a tender offer, raising 241 million Thai baht (~$7.4 million) with 99.9% shareholder participation. Jason Fang, Sora Ventures' founding partner, became co-CEO as part of the transaction.
Regulatory Path and Timeline
The acquisition requires final approval from Thailand's Securities and Exchange Commission under updated shareholder oversight rules (SEC News No. 52/2026). Rakkar's cold wallet processing averages two hours, a metric relevant to operational settlement velocity as DV8 scales custody operations.
Southeast Asia saw onchain activity surge 69% year-over-year through mid-2025, driven by adoption in Vietnam, the Philippines, Indonesia, and Thailand. Rakkar Digital became the primary institutional custody provider for regional platforms including Bitkub Exchange, the largest Thai crypto exchange by volume.
The deal represents the first instance of a publicly traded Southeast Asian firm directly acquiring a licensed digital asset custodian.
