DV8 Public Company Limited, a Thai Stock Exchange-listed firm, has signed a Share Sale and Purchase Agreement to acquire up to 100% of Rakkar Digital, a licensed digital asset custodian in Thailand with US$700 million in assets under custody. The deal, announced March 24, 2026, includes a planned capital injection of up to 100 million THB and positions DV8 as one of the first publicly listed companies in Southeast Asia to fully acquire a regulated crypto custody provider.
Deal Milestone
Southeast Asia’s First
DV8Thailand’s share acquisition agreement with Rakkar Digital positions the combined entity as a first-of-its-kind regulated digital asset operator in the Southeast Asian market.
DV8Thailand’s Rakkar Digital Stake: Deal Structure and Southeast Asia Ambitions
Under the agreement, DV8 (SET: DV8) will acquire up to 100% of Rakkar Digital’s shares, making the custodian a wholly-owned subsidiary. Rakkar’s registered capital stands at 175.5 million THB, representing 17.55 million shares at 10 THB each, according to the Thai-language disclosure reported by Kaohoon.
DV8 plans to inject up to 100 million THB of additional capital into Rakkar for working capital and to meet Thailand SEC net capital compliance requirements. The funding will come from DV8’s internal working capital, with DV8 carrying a market capitalization of approximately 7,655 million THB (roughly US$210 million) as of March 23, 2026.
The transaction remains subject to regulatory conditions, including Thailand SEC approval for DV8 as a controlling shareholder. Post-transaction, the Rakkar board will include three DV8-appointed directors, all requiring SEC sign-off.
Rakkar Digital, founded in 2022 and backed by SCB 10X (the venture capital arm of SCBX Group, parent of Siam Commercial Bank), received its digital asset custodian license from Thailand’s Ministry of Finance in December 2024. At that time, the firm reported achieving US$700 million in Assets Under Custody and holds ISO 27001, SOC 1 Type 1 & 2, and SOC 2 Type 1 & 2 certifications.
Rakkar CEO Arthit Sriumporn previously stated that “these dual milestones reflect the strength of our vision and the confidence our clients place in our capabilities,” referring to the licensing achievement and AUC growth.
DV8’s stock price sat at 4.72 THB on March 23, with a 52-week range of 0.35 to 9.65 THB, reflecting the company’s volatile trajectory as it pivoted toward digital asset exposure. The acquisition gives DV8 direct ownership of one of the few licensed custodial operations in Thailand, a market where regulatory barriers to entry remain high. This deal echoes the broader trend of traditional finance entities moving into crypto infrastructure, similar to how NYSE recently partnered with Securitize to launch tokenized asset trading on conventional rails.
What the DV8-Rakkar Deal Means for Digital Asset Infrastructure in Southeast Asia
Thailand’s Digital Asset Business Act, enforced by the SEC and Ministry of Finance, establishes one of the most structured regulatory frameworks for crypto in the ASEAN region. Licensed custodians like Rakkar must meet strict net capital requirements, cybersecurity standards, and ongoing compliance obligations. DV8’s capital injection directly addresses these mandates.
The acquisition is notable because it provides a regulated custodial platform with access to public market capital for the first time in the region. Privately funded competitors in Asia’s institutional custody space, including Hex Trust, Anchorage Digital, BitGo, and Fireblocks, rely on venture capital backing. No comparable SET-listed company has completed a similar acquisition of a licensed digital asset custodian.
SEA Crypto Landscape
~60 Million
Estimated crypto users across Southeast Asia, one of the highest adoption rates globally, underscoring why institutional players are racing to establish regulated footholds in the region.
SCB 10X initially invested US$10 million in Rakkar in November 2022, providing tier-1 local banking credibility and access to institutional client networks. With DV8 now stepping in as potential full owner, the combined entity gains both public market visibility and the operational independence that comes with being part of a listed group rather than a bank subsidiary.
For the broader AI-crypto convergence taking shape across ASEAN, regulated custody infrastructure is a foundational layer. Algorithmic trading platforms, AI-powered portfolio management tools, and automated market-making systems all require compliant custodial rails to operate within licensed jurisdictions. As institutional inflows into digital assets continue to grow, the demand for custody solutions that satisfy both regulators and sophisticated trading infrastructure intensifies.
DV8 has attracted attention in 2025 and 2026 through its Bitcoin treasury pivot and connections to the Metaplanet consortium, signaling that Thai listed companies are increasingly viewing digital assets as strategic positions rather than speculative bets. This institutional consolidation may accelerate the development of on-chain finance tools and decentralized infrastructure operating on SEC-licensed platforms across Thailand and the wider ASEAN region.
The deal’s completion timeline depends on Thailand SEC approval processes, which have historically taken several months for controlling shareholder applications. DV8’s SET disclosure obligations will require ongoing public reporting as the transaction progresses through its conditions precedent.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
