South Korean exchange for cryptocurrencies Bithumb intends to become the first provider of digital assets on the Korean Securities Dealers Automated Quotations (KOSDAQ)
Bithumb will launch their IPO in 2025
As reported by the local news source Edaily, Bithumb, one of the top cryptocurrency exchanges in South Korea (together with Upbit), plans to list its IPO on the Kosdaq stock market, the Korean version of Nasdaq. It is predicted that they will go public in the second part of 2025.
Though Bithumb refused to verify details on their IPO, they announced that they had selected Samsung Securities, the financial services and securities organization of Samsung, the largest corporation in South Korea, as a financial sponsor for the process.
In addition, the release stated that Lee Jeong-hoon, the former chairman of Bithumb, who was “acquitted” after $100 million in fraud in 2018, has rejoined the exchange to take on the position of Director of Registration in the Administrative Council.
According to South Korean sources, Bithumb’s decision to go public was because it refused to give up market share to its rival Upbit, the largest cryptocurrency exchange in the country. Based on research provided by CoinMarketCap, Bithumb is currently in second position with a daily trading volume of over 600 million USD, while Upbit has over 3 billion USD.
Bithumb takes the second position in terms of trading volume, just behind Upbit in the Korean market. Source: CoinMarketCap
Currently ranked among the top five cryptocurrency exchanges, Bithumb succeeded in “surviving” the industry crackdown in Korea in 2021. Even though Bithumb is the second option after Upbit, it seems like the company has been having many trouble over the years. In 2022, an investigation by Terraform Labs into the historic collapse of the Terra ecosystem led to a raid on the Bithumb office. The exchange has also been related to many lawsuits, rumored to be acquired by Huobi in 2020, and was on the “shopping” list of FTX CEO Sam Bankman-Fried before this “empire” collapsed.
Along with recent stablecoin issuer USDC Circle, Bithumb will be the third name added to the list of cryptocurrency exchanges going public. In 2021, Coinbase was the first to accomplish this, with an initial market value of around $100 billion.
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