Cryptocurrency exchange Bithumb is gearing up to become the first digital asset company to be listed on the South Korean stock market, aiming for an initial public offering (IPO) on Kosdaq, akin to the U.S. Nasdaq. The anticipated listing date is projected for the latter part of 2025, according to reports from local news outlet Edaily on November 12.
While Bithumb refrained from confirming the IPO plans, the exchange acknowledged its recent selection of an underwriter. Typically, an underwriter plays a significant role in ensuring the financial stability of a company before it goes public. Edaily's report highlighted Samsung Securities as the potential underwriter for Bithumb's IPO.
Former Bithumb chairman Lee Jeong-hoon reportedly returned to the company as a registered director. Simultaneously, CEO Lee Sang-jun has been removed from the board amid an ongoing investigation into alleged bribery. One of the speculated motives behind Bithumb's pursuit of a stock market listing is its intent to prevent further loss of market share to Upbit, South Korea’s primary cryptocurrency exchange. As of now, Bithumb holds the second position in South Korea's cryptocurrency exchange market, trailing significantly behind Upbit. In a milestone achievement in July, Upbit surpassed Coinbase and Binance in monthly trading volume.
Both Bithumb and Upbit drew unwanted attention in May when South Korean authorities conducted raids on their offices, investigating alleged cryptocurrency exchange fraud, prompted by local lawmakers’ concerns.
Earlier in February, Kang Jong-hyun, identified as one of Bithumb’s major shareholders and the suspected "real owner," faced arrest on corruption suspicions following an extensive police inquiry into purported illicit activities.
Jong-hyun, aged 41, is the elder brother of Kang Ji-yeon, who heads Bithumb subsidiary Inbiogen. Inbiogen holds the largest stake in Vidente, Bithumb’s major shareholder, owning a 34.2% stake in the company.
Established in 2014, Bithumb presently registers a 24-hour trading volume of around $580 million, as per CoinGecko's latest data.
