SoraVentures-backed DV8 acquires Rakkar Digital, becomes Southeast Asia's first licensed Bitcoin company

Sora Ventures-backed Thai publicly listed company DV8 (Thailand Securities Exchange Code: DV8) announced the signing of a share purchase agreement to acquire Rakkar Digital, a licensed digital asset custody provider authorized by the Thai Securities and Exchange Commission. This acquisition will make DV8 the first Bitcoin asset management company in Southeast Asia to hold a compliant license.

What is the strategic significance of DV8’s acquisition of Rakkar Digital?

DV8’s goal with this acquisition is to leverage Rakkar Digital’s licensed status to strategically expand in Southeast Asia and Asia. Rakkar Digital was established as a joint venture between SCBX, the parent company of Siam Commercial Bank (SCB), and global digital asset security technology firm Fireblocks. By the end of 2024, its custodial assets have surpassed $700 million. Through acquiring a mature licensed institution, DV8 can bypass the lengthy process of building a Bitcoin custody platform from scratch and gain a regulated, operationally resilient foundation. For institutional investors, this accelerates compliance processes and ensures asset security when expanding their fund management businesses.

DV8’s Corporate History Shows Ambitious Strategic Planning

Since September last year, DV8 has taken stakes in Korea’s digital asset fund management platform Bitplanet. The recent acquisition of Rakkar Digital reflects a broader strategy: to build a comprehensive ecosystem spanning international custody, asset management, and financial services. By investing in established, operational companies, DV8 aims to quickly establish compliant infrastructure in Thailand and other Asian markets, reducing legal barriers and operational risks associated with cross-border operations.

Having undergone numerous capital restructuring rounds, DV8 has laid the groundwork for transforming into a Bitcoin asset company. International venture capital firms—including Sora Ventures, UTXO Management, Kliff Capital, AsiaStrategy, Moon Inc., and Mythos Group—have completed voluntary buyouts, strengthening DV8’s capital base.

In terms of leadership, prominent Thai investor Chatchaval Jiaravanon has been appointed Chairman, followed by Jason Fang, co-founder of Sora Ventures, as Co-CEO. These leadership appointments enhance corporate governance, bring digital asset expertise, and broaden international perspectives. The company raised 241 million Thai Baht (approximately $7.4 million) through a share subscription plan, providing liquidity for future acquisitions.

DV8 Becomes Southeast Asia’s First Licensed Bitcoin Asset Company

DV8 has gradually transformed from a media company into a Bitcoin asset management firm. The acquisition of Rakkar Digital cements its position in Asian capital markets. Supported by venture investors like Sora Ventures and UTXO Management, DV8 has become Southeast Asia’s first licensed digital asset management company, offering investors a regulated investment pathway.

This article about Sora Ventures’ portfolio company DV8 acquiring Rakkar Digital and becoming Southeast Asia’s first licensed Bitcoin company first appeared on Chain News ABMedia.