[NEWS] South Korean cryptocurrency exchange Bithumb plans IPO on KOSDAQ?

South Korean media reported that Bithumb, a major cryptocurrency exchange in South Korea, is planning an IPO (Initial Public Offering). The company is aiming for an IPO in the second half of 2025.

On the 12th, local newspaper Edaily reported that Bithumb is aiming to list on the Korean stock exchange KOSDAQ.

The company is aiming to list on the emerging market KOSDAQ, which was established following the example of the US Nasdaq, but there is also a possibility of listing on the major market KOSPI.

According to a Bithumb official, the company has selected Samsung Securities as the manager for its initial public offering, and preparations are already underway for an IPO in the second half of 2025. If this is realized, it will be the first cryptocurrency exchange to hold an IPO in South Korea.

There were rumors of a Bithumb IPO in 2020, but it looks like it will take about five years to reach an IPO.

Through the IPO, Bithumb aims to increase the market's trust in its business by undergoing a verification process to ensure corporate governance, management transparency, and the soundness of its internal control system.

Bithumb's aim without an IPO

Although there were rumors that Bithumb was considering an IPO due to a lack of funds, sources said that Bithumb emphasized that becoming the first Korean cryptocurrency exchange to join the "regulatory framework" would help it gain market trust.

In fact, Bithumb held more than 400 billion won (about 45 billion yen) in financial assets as of the first half of this year, which is the reason why the company does not need an IPO.

In addition, Upbit, the largest cryptocurrency exchange in Korea, is said to currently hold 80% of the cryptocurrency market in Korea.

Bithumb is aiming to expand its share in the market, which it currently has a monopoly on, through this IPO.

To move forward with the IPO, Lee Jung-hoon, former chairman of Bithumb and Bithumb Holdings, returned to Bithumb Holdings' board of directors.

Meanwhile, Lee Sang-jun, who was accused of accepting bribes from cryptocurrency companies in exchange for listing cryptocurrency on Bithumb, resigned as CEO of Bithumb Holdings.

This is reportedly part of efforts to minimize legal risks in preparation for the IPO.

Bithumb Holdings' new CEO, Lee Jae Won, is said to be a close aide to Lee Jung-hoon and is expected to play a leading role in spearheading efforts to make Bithumb's IPO a success.

Source:The Korea Herald
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