Who Will Cover the Funding Gap in VIXEX Exchange’s Capital Increase
Based on currently available public information, VIXEX’s capital shortfall lacks a clear and definitive resolution plan. The known proposal primarily comes from its shareholder, VIX Securities, but even if implemented as planned, the funds would still fall far short of covering the entire gap, leaving the remaining portion’s funding source unknown.
According to Vietnam’s pilot regulations, the minimum registered capital requirement for cryptocurrency exchanges is as high as 1,000 billion VND (i.e., 10 trillion VND). However, VIXEX’s initial registered capital is only 100 billion VND, leaving a shortfall of 900 billion VND (approximately 9 trillion VND).
Known investors: VIX Securities (but funds are insufficient)
VIX Securities is one of the shareholders of VIXEX（Vietnam crypto exchange）, holding a 15% stake. It plans to participate in the capital increase to maintain its shareholding ratio, but the funds it can contribute are insignificant compared to the 9 trillion VND shortfall.
·Planned Investment Amount: VIX Securities plans to inject an additional 100 billion to 135 billion VND into VIXEX. Some reports indicate that 100 billion VND will be allocated from the capital raised through a stock offering, while others mention a planned injection of 135 billion VND to maintain a 15% shareholding stake.
·Doubtful Actual Disbursement: Reports indicate that the planned capital injection of 100 billion VND was scheduled to be completed in the second quarter of 2026, but as of September 2026, there has been no publicly available confirmation that the funds have actually been disbursed.
Even if the 100 billion or 135 billion VND from the VIX securities plan is fully allocated, the coverage for the 900 billion gap would only be about 11% to 15%.
Apart from VIX Securities, other shareholders of VIXEX are also potential investors in theory
·FTG Vietnam: holds a 64.5% stake, being the largest shareholder.
·3C Company: holds a 20.5% stake.
However, there is no explicit capital increase plan or commitment from these two shareholders in the currently available public information.
Summary
Currently, the only publicly announced plan is a small capital injection for VIX Securities, but it falls far short of solving the problem. Some analyses also suggest that VIXEX may need to introduce new strategic institutional investors to meet capital requirements, though this remains speculative without concrete details.