Bithumb Eyes IPO in H2 2025 to Regain Market from Upbit Amid Internal Concerns
Summary:
Cryptocurrency exchange Bithumb is reportedly planning for an IPO on South Korea's KOSDAQ in the latter half of 2025, possibly making it the first digital asset firm to go public in the country. The company is allegedly moving to this step to avoid losing more market share to its competitor, Upbit. This news comes amid ongoing investigations into Bithumb's CEO over bribery allegations, and its largest shareholder's arrest over embezzlement charges.
Bithumb, a cryptocurrency exchange, has plans in place to be the first digital asset firm to go public on the stock market in South Korea. Bithumb's march towards an Initial Public Offering (IPO) on KOSDAQ, the country's equivalent to the US's Nasdaq, was featured in a Nov. 12 Edaily report and is expected to list in the latter half of 2025. Although Bithumb neither confirmed nor denied the IPO rumors, the company recently opted for Samsung Securities as a potential IPO underwriter, suggesting an intent to go public. Such underwriters are critical in ensuring financial stability before companies go public. Sources note the return of Bithumb's former chairman, Lee Jeong-hoon, to serve as its registered director, though the CEO, Lee Sang-jun, was barred from the board amidst an ongoing bribery investigation. Sources suggest that Bithumb is pursuing the public listing to avoid ceding additional market share to Upbit, South Korea’s largest crypto exchange. Upbit's trading volumes outpaced those of competitors Coinbase and Binance for the first time in July, making it the nation's largest by volume. Bithumb currently ranks as the second largest daily crypto exchange by trading volume in South Korea. However, both Upbit and Bithumb were unfortunately highlighted in May when authorities investigated their offices for supposedly fraudulent crypto trading tied to local legislators. In February, one of Bithumb's biggest shareholders and suspected actual owner, Kang Jong-hyun, was taken into custody over embezzlement allegations following an extended police investigation into his supposed illegal actions. Kang Jong-hyun, at 41, is older than Kang Ji-yeon, the Bithumb affiliate Inbiogen's chief. The company holds the majority share in Vidente Vidente, the principal Bithumb shareholder with a 34.2% stake. Established in 2014, Bithumb sees a roughly $580 million trading volume over 24 hours, as per data from CoinGecko.
Published At
11/13/2023 4:39:50 AM
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