Crypto News– The South Korean cryptocurrency exchange, Bithumb, is gearing up to make history as the first digital asset company to go public on the country’s stock market. According to a report by local news outlet Edaily on November 12, Bithumb is in the early stages of preparing for an initial public offering (IPO) on the Kosdaq, South Korea’s equivalent of the U.S. Nasdaq. The anticipated listing date is slated for the second half of 2025.
Bithumb sets sights on being the pioneer crypto exchange to secure a listing on the Korean stock market
While Bithumb has not officially confirmed the IPO, it has acknowledged the selection of an underwriter, a crucial step in ensuring financial stability before a company goes public. A daily report that Samsung Securities is the chosen underwriter for Bithumb’s potential IPO.
In a noteworthy development, Bithumb’s former chairman, Lee Jeong-hoon, has returned to the company as its registered director, as per sources familiar with the matter. Simultaneously, CEO Lee Sang-jun has been excluded from a position on the board of directors due to an ongoing investigation into alleged bribery.
Sources have indicated that Bithumb’s decision to go public is driven, in part, by a desire to maintain and expand its market share, particularly in light of competition from Upbit, the largest cryptocurrency exchange in South Korea. Bithumb currently holds the position of the second-largest crypto exchange in the country based on daily trading volume, trailing behind Upbit. Notably, in July, Upbit surpassed both Coinbase and Binance in monthly trading volumes for the first time.
Both Upbit and Bithumb faced scrutiny in May when South Korean authorities conducted raids on their offices, alleging fraudulent crypto trading on behalf of a local lawmaker. This move to go public is seen as a strategic response to avoid ceding further market share to Upbit.
1 Comment