The owner of Thai crypto exchange Bitkub Online, which plans to sell shares to the public next year, could be valued as high as $3 billion, Bitkub Capital Group CEO Jirayut Srupsrisopa said.

Bitkub Capital signaled its intention to sell shares to the public in a 2023 letter to shareholders that didn’t give a timeframe. Jirayut told earlier this month that an IPO was planned for next year and the company was in the process of hiring financial advisers.

Thailand’s biggest crypto exchange provides about 80% of the Bangkok-based parent’s profit and is 9.2% owned by Asphere Innovations. The firm was valued at about 6 billion baht ($165 million) in a Series A fundraising last July, Jirayut said.

“A price to earnings ratio of 10-30 would put our valuation between 1 billion – 3 billion US dollars,” Jirayut said in a message on LinkedIn when asked about an IPO valuation. He did not say how much the company was looking to raise.