Bithumb Sets Sights on Becoming the First Crypto Exchange to Go Public in South Korea
Bithumb is reportedly planning to go public on KOSDAQ, marking it as the nation's first digital asset company to do so. Set for the second half of 2025, the IPO is seen as a strategic plan to not lose further market share to Upbit, the current largest crypto exchange in the country.
In a historic move for the crypto industry, South Korea’s Bithumb, the country’s second-largest cryptocurrency exchange by trading volume, is reportedly taking steps to become the very first digital asset company to go public. The notable development was revealed by local news outlet Edaily on November 12, stating that Bithumb has been prepping for an initial public offering (IPO) on KOSDAQ, the counterpart of the United States’ Nasdaq in South Korea.
Expected to take place in the second half of 2025, the exact date of the listing is yet to be announced. While Bithumb has declined to confirm whether the IPO is going ahead, reports indicate that the exchange recently selected an underwriter. The underwriter, typically a company chosen to guarantee the financial security of another entity before they go public, is none other than Samsung Securities, according to Edaily.
One key change in the company’s leadership was the return of its former chairman Lee Jeong-hoon as its registered director. On the contrary, CEO Lee Sang-jun was excluded from a place on the board of directors due to an ongoing investigation into alleged bribery. It’s crucial to mention that these changes and the move towards going public is interpreted as Bithumb’s strategic plan to not surrender more market share to Upbit, South Korea’s largest crypto exchange. Notably, Upbit’s monthly trading volume surpassed that of global giants Coinbase and Binance for the first time earlier in July.
However, it wasn’t always smooth sailing for these exchanges. Both Bithumb and Upbit came under the spotlight in May when South Korean authorities raided their offices over alleged fraudulent crypto trading on behalf of a local lawmaker. Furthermore, Bithumb’s largest shareholder, Kang Jong-hyun, was arrested on embezzlement charges following a lengthy police investigation into his questionable activities.
Operating since 2014, Bithumb has grown into a prominent player in the cryptocurrency market. As of the time of publication, the exchange boasted a 24-hour trading volume of approximately $580 million, according to data from CoinGecko.
As the crypto industry continues to mature and evolve, Bithumb’s potential IPO could signify an important step for cryptocurrency exchanges and the broader digital asset space in South Korea. However, the journey towards this landmark achievement is likely to be filled with regulatory challenges and intense competition.
