XSpring Capital Public Company Limited, together with its subsidiaries, engages in the investment and securities businesses in Thailand and internationally. It operates through five segments: Securities, Fund Asset Management, Digital Assets, Asset Management, and Investment and Other. The company offers securities brokerage, trading, borrowing, and lending, as well as debt securities trading; derivatives agents and warrants; foreign exchange; private fund; financial advisory; and underwriting. It also manages mutual, private, and provident funds; and operates as REIT manager, limited broker, dealer, and underwriter. In addition, the company acquires non-performing loans and non-performing assets; manages portfolio and assets; and operates as digital assets broker and dealer which provides initial coin offering portal, cryptocurrency, and digital token, as well as digital token advisory and fund raising and underwriting. Further, it offers consultancy services; and invests in real estate properties. The company was formerly known as Zmico Securities Public Company Limited and changed its name to XSpring Capital Public Company Limited in March 2021. XSpring Capital Public Company Limited was founded in 1974 and is headquartered in Bangkok, Thailand.
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Five Thai stocks ride Bitcoin's strong rebound, analysts warn of high risk
Bitcoin's price rebounded strongly from a base of around 62,000 US dollars per BTC after mid-August 2026, rising to test above 81,000 US dollars per BTC as of 25 August 2026. This led five Thai stocks, namely BTC, TTA, JTS, XPG and ZIGA, to be speculated on along with the trend. Mr. Piriya Samphantharak, a Bitcoin expert, said the price in this cycle may still not break the previous year's high of 97,900 US dollars per BTC because trading volume slowed after the initial period. Meanwhile, Mr. Wongsakorn Nakasomboon, fund manager at Merkle Capital Company Limited, views the key short-term technical resistance at around 88,000 US dollars per BTC, with key support levels at 72,000, 70,000 and 68,000 US dollars respectively, supported by ETF funds and progress on the United States' strategic Bitcoin reserve policy. Mr. Korn Hathaisattha, CFA, IAA, head of investment strategy for retail research at CGS International Securities Thailand Company Limited, warned that stocks in this group are high-risk speculation and prices have already risen a lot, even though some companies, especially BTC or Brooker Group Public Company Limited, have already reduced their Bitcoin holdings. Mr. Supakit Ngamjitjaroen, chief executive officer of Ziga Innovation Public Company Limited or ZIGA, revealed that the company still believes in long-term investment in Bitcoin, and the price increase may allow the company to turn around and record a profit in the third quarter after a loss from mark-to-market valuation of about 3 to 4 million baht in the second quarter.
XPG confident Q3/69 growth continues, backed by deals in hand and capital market recovery
XPG is sending positive signals for the third quarter of 2069, seeing a strong pipeline of deals in hand, with capital market conditions and trading volumes at satisfactory levels, supporting continued momentum across its group businesses. The company is also tightening credit controls, reducing loan-to-value ratios to 35-40% from 50%, and accelerating expansion in digital token and asset management businesses. Mr. Amorn Amornsomboon, Chief Business Development Officer of XSpring Capital Public Company Limited, or XPG, said during the earnings call that the operating outlook for the third quarter of 2069 is positive, supported by the volume of deals in hand as well as capital market conditions and trading volumes that remain at satisfactory levels. He believes this will help support business growth during the third quarter. The company is moving forward with a more cautious risk management strategy, especially in the lending business, by tightening borrower screening and reducing the loan-to-value ratio, or LTV, from 50% to 35-40% to increase the margin of safety and control portfolio quality. On the cost control side, the company is bringing in AI to improve work process efficiency. Meanwhile, its core group businesses still have momentum. XSpring Digital is moving ahead with expanding its ICO portal business after the success of the Acorus Investment Token, developing new projects across several industries including entertainment, sports, and businesses with steady cash flows. Several projects are currently under negotiation to create growth opportunities and extend the business further. On expense control, the company is focused on maintaining fixed costs, with a policy to freeze headcount or suspend increases in employee numbers to control long-term expense burdens, while having no current plans to reduce the existing workforce. XPG has begun applying AI technology in its work processes to increase efficiency and reduce workflow steps, which in the long term may help reduce reliance on human labor. For business units that are not yet profitable, the company will push them to grow and generate returns for the group. Looking at the overall picture over the next one to three years, the company expects the economy to recover gradually, but still needs to monitor purchasing power and high household debt levels, which may keep some investors in wait-and-see mode. However, the company has prepared products and services to be ready to become top of mind when the market becomes more favorable for investment. In the debt management business, the company continues to participate in debt auctions, currently focusing on smaller debt batches that banks put up for sale, while large debt batches have not yet come to market in significant volume.
XSpring Capital Public Company Limited, or XPG, reported first-half net profit for 2026 of 110 million baht, up 23% from the same period last year, with total revenue of 499 million baht, up 9%. In the second quarter of 2026, net profit was 59 million baht, up 124%, and total revenue was 260 million baht, up 32% from the same period last year. Growth was driven by wealth management fee income of 92 million baht, income from managing non-performing assets and selling properties held for sale of 70 million baht, and share of profit from investments of 48 million baht, while investment banking revenue was 6 million baht. The chief executive said the first half is likely the low point for the economy and expressed confidence that full-year revenue will reach the target of 1.1 billion baht.
KC repays XSpring debt in full at 20 million baht, releases 10 land plots as collateral
K.C. Property Public Company Limited, or KC, has fully repaid its debt to XSpring Capital Public Company Limited, or XSpring, in two installments totaling 20 million baht, under the debt restructuring agreement dated 1 July 2026. The second installment of 10 million baht was paid on 22 July 2026, following the first installment of 10 million baht paid on 1 July 2026. After the payment, KC exercised its right to release the collateral and completed the mortgage redemption of 10 land plots in the Garden Home Min Buri project. The company reaffirms its commitment to fully comply with the agreement under the legal framework and good corporate governance.