<p>Siam Commercial Bank, Thailand’s oldest bank, has acquired a 51% stake in crypto exchange Bitkub for 17.85 billion Thai baht (around $537 million).</p> <p>Bitkub <a href="https://www.bitkub.com/blog/bitkub-scb-3a659e7c80a4">announced</a> the news on Tuesday, saying that the deal is expected to be completed by the first quarter of 2022, pending regulatory approval.</p> <p>SCB CEO Arthit Nanthawittaya said the Bitkub acquisition will help "create new growth value in the long term amid a new financial world."</p> <p>SCB is not new to the crypto world. The bank operates a venture capital unit called SCB 10X that invests in blockchain and decentralized finance (DeFi) startups. SCB10X is an investor in crypto firms such as Ripple, BlockFi, and Alpha Finance.</p> <p>As for Bitkub, it is one of the few <a href="https://www.theblockcrypto.com/post/53453/asian-crypto-exchange-zipmex-gets-a-license-in-thailand-eyes-vietnam-expansion-next">licensed</a> crypto exchanges in Thailand.</p> <h2>Recent spate of M&amp;A activity</h2> <p>The Bitkub-SCB deal is one of the largest in crypto as <a href="https://www.theblockcrypto.com/news+/119779/crypto-ma-has-reached-an-all-time-high-and-its-not-expected-to-stop-surging-any-time-soon">mergers and acquisitions</a> continue to grow in the space.</p> <p>Yesterday, Coinbase acquired Agara, an AI-powered customer support platform, reportedly for a price range between $40 million and $50 million. Last week, NYDIG <a href="https://www.theblockcrypto.com/post/122564/nydig-acquires-british-crypto-startup-bottlepay-300-million-stock-purchase">acquired</a> British bitcoin startup Bottlepay for $300 million. Recently Mastercard <a href="https://www.theblockcrypto.com/linked/117105/mastercard-acquires-ciphertrace-to-boost-crypto-security-and-compliance">acquired</a> Ciphertrace, FTX.US <a href="https://www.theblockcrypto.com/post/116134/ftx-us-acquires-crypto-derivatives-exchange-ledgerx">acquired</a> LedgerX, and Cboe is <a href="https://www.theblockcrypto.com/post/121465/cboe-acquires-erisx-crypto-spot-derivatives-exchange">set to acquire</a> crypto exchange ErisX.</p>