Bithumb Seeks Public Listing in the US and Korea: Report
- Bithumb seeks a public listing on Nasdaq in the second half of 2025, as per local reports.
- The exchange has already begun IPO promotions, and listing on KOSDAQ might come sooner.
- The firm already has assets worth 400 billion won ($302 million) and is not looking to raise money via IPO.
- Bithumb seeks to increase governance and management transparency through this IPO.
Bithumb, the second-largest digital asset trading platform in South Korea, has plans to go for an initial public offering in the United States in the second half of 2025. Local media reported that the exchange seeks to challenge the dominance of its rival, Upbit, which is the largest crypto exchange in the region.
As per a report from Edaily, former Chairman Lee Jeong-hoon, who is also the largest shareholder, is set to return to the board of directors of Bithumb Holdings to strengthen accountability and raise trust in the company in line with the IPO promotion. It is important to note that Upbit currently has an 85% market share, while Bithumb has only 10%. The goal is to reverse this market structure and recapture the market position, according to the report.
The report also added that Bithumb seeks to go for a public listing on Nasdaq in the United States in 2025 and selected Samsung Securities as an underwriter at the end of last month, and the work for the IPO has already begun. While the Nasdaq IPO will take place in H2 2025, the listing on KOSDAQ might come sooner. The exchange is also considering the securities (KOSPI) market in certain scenarios.
Bithumb seeks to increase governance and management transparency through this IPO, while the internal control system is externally verified, increasing market confidence in the operation of the exchange. The firm is not looking to raise money via the IPO, as stated in the report, but aims to gather trust. It already has assets worth 400 billion won ($302 million).
Additionally, Bithumb has been involved in several scandals in South Korea and has lost the trust of its users in recent years. CEO Lee Sang-jun was removed from the board amid accusations of soliciting coin listings. The CEO responsibilities at Bithumb Holdings will now be jointly managed by Jaewon Lee, who also serves as the CEO of Bithumb Korea.
As reported earlier on BitcoinWisdom, Lee Jung-Hoon was cleared of any wrongdoing and declared not guilty of fraud by the 34th Division of the Criminal Agreement of the Seoul Central District Court in January. The acquittal came days after Park Mo, vice president of Vidente, the exchange’s largest shareholder, committed suicide.