Thailand's DV8 Unveils Plan to Build 10,000 Bitcoin-Equivalent Treasury

Thailand's DV8 Public Company Limited has announced plans to build a digital asset portfolio equivalent to 10,000 Bitcoin by 2028, making it one of the more ambitious corporate Bitcoin treasury strategies in Southeast Asia. The company also said it intends to acquire 1,000 Bitcoin this year.

The announcement came alongside the acquisition of Rakkar Digital Company Limited, a digital asset custodial wallet provider licensed by Thailand's Securities and Exchange Commission (SEC). DV8 will take full ownership of Rakkar as a wholly-owned subsidiary and plans to inject up to THB 100 million (approximately $3.1 million USD) in working capital to satisfy the firm's regulatory net capital requirements.

The move makes DV8 the first Bitcoin treasury company in Southeast Asia to secure a licensed custody operation under the Thai SEC framework. In exclusive comments to BitcoinTreasuries.net, the company explained the strategic rationale behind the acquisition:

"The new license represents a strategic step for DV8 as it enables us to have potential exposure to Bitcoin in a structurally synergistic manner as a part of net capital. At its core, a treasury company is in the business of building and preserving assets. The most critical capability, therefore, is mastering the expertise of safeguarding assets. Entering the custody business allows us to simultaneously internalize and institutionalize this capability."

On the question of regulatory capital requirements — which custody businesses must maintain as reserves — DV8 argued these work in its favour rather than against it:

"While these reserves are often viewed as a cost of capital, for a Bitcoin treasury company with a mandate to accumulate assets, they become a strategic advantage. Our core objective to build and maintain a large reserve base naturally aligns with regulatory requirements, effectively turning a constraint into a strength."

DV8 also confirmed that Bitcoin is recognised as an eligible asset against Rakkar's net capital requirements, giving the company a potential regulatory pathway to Bitcoin exposure on its balance sheet

It's worth noting that the 10,000 BTC figure is not a straightforward balance sheet target. DV8 defines it as "digital assets under supervision," a broader metric that includes direct holdings, indirect exposure through subsidiaries like Rakkar, stakes in other digital asset companies, and Bitcoin held in custody on behalf of institutional clients. How much of that total DV8 would actually own outright remains unclear.

The company says it plans to fund accumulation through four channels: capital markets issuance (convertible securities, preferred shares, and equity), yield generation on managed assets, acquisitions of Bitcoin-related businesses, and cash flow from existing operations. It has drawn explicit comparisons to U.S.-listed Strategy Inc. and Japan's Metaplanet, both of which have pursued aggressive Bitcoin treasury strategies in recent years.

Whether DV8 can execute at the scale it's describing is an open question. The Rakkar acquisition does provide a concrete regulatory foothold, and a licensed custody platform could attract institutional clients independently of DV8's treasury ambitions.

This article is for informational purposes only and does not constitute investment advice.