April 19, 2024
Bithumb Sets Sights on Public Debut
Latest Cryptocurrency News

Bithumb’s Ambitious Plans: South Korean Crypto Exchange Eyes Landmark IPO on Kosdaq

Cryptocurrency exchange Bithumb is reportedly gearing up to embark on a public listing in its home country, South Korea, as revealed by local news outlets on Monday. The exchange’s strategic plan involves listing on Kosdaq, South Korea’s equivalent to Nasdaq, with an additional consideration for an initial public offering (IPO) on the country’s primary stock market, Kospi. A Bithumb official, cited by The Korea Herald, announced the selection of Samsung Securities as the manager for their IPO, setting an ambitious target for the public debut in the second half of 2025.

If successful, this IPO would signify a landmark event as the first public listing by a South Korean cryptocurrency exchange. Notably, despite previous denials in 2020, Bithumb is now actively pursuing this move, fueled by the aim to augment its market share and close the gap on Upbit, a rival exchange that currently commands over 80% of the South Korean market.

Bithumb’s decision to navigate the complexities of a public listing comes amidst the backdrop of increased regulatory scrutiny within South Korea’s cryptocurrency industry. The government initiated a crackdown in 2021 to address concerns related to fraud and illicit activities. Earlier this year, Bithumb’s offices were subject to a raid, forming part of an investigation into the alleged price manipulation of an unspecified digital asset.

However, Bithumb’s strategic move aligns with the resilient state of cryptocurrency trading in South Korea, with Upbit achieving a significant milestone in August by surpassing both Coinbase and OKX to become the world’s second-largest crypto exchange after Binance. This underscores the ongoing strength and vitality of the crypto market in the region.

As Bithumb navigates these regulatory challenges and aims for a public listing, its choice of Samsung Securities as the IPO manager signals a strategic approach to this significant financial milestone. The second half of 2025 is earmarked for potential market entry as Bithumb positions itself to make waves in the evolving landscape of cryptocurrency exchanges in South Korea and beyond.

Image by freepik

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