Bithumb to Launch an IPO in South Korea

Bithumb, one of the leading crypto exchanges in South Korea has its eyes set on an Initial Public Offering (IPO) in 2025, according to local reports.

As the cryptocurrency industry matures, it has become a norm for leading companies to seek public listings on traditional stock exchanges to secure additional capital.

Coinbase became one of the first companies to achieve this feat in the U.S. in 2021, and now leading South Korean exchange Bithumb is pursuing a similar effort in South Korea.

According to a local news source, Bithumb plans to go public on the KOSDAQ, South Korea’s version of the U.S.-based Nasdaq. However, the listing may also be reverted to the Korea Stock Exchange (KOSPI).

Either way, Bithumb is planning its initial public offering (IPO) for the second half of 2025, with the company already picking Samsung Securities as its underwriter. A spokesperson confirmed that the company had selected an underwriter. 

An underwriter is typically responsible for vetting a potential IPO company and purchasing its shares, which are subsequently sold to members of the public during the offering. Recruiting an underwriter is usually one of the first steps toward such an offering. 

Bithumb Seeks IPO to Regain South Korean Market Share

Although capital injection is often one of the objectives of an IPO, Bithumb’s impending offering is largely linked to rebuilding public trust in its corporate structure.

Launched in 2014, the exchange boasts an estimated eight million registered users and handles hundreds of millions of dollars in daily trading volumes. The exchange is fairly capitalized, with its bi-annual financial report showing it holds 400 billion won (around $300 million) in assets.

However, Bithumb has, over time, lost market share to its major rival, Upbit, which launched in 2017. The loss of market share was linked to several corporate issues, including fraud investigations involving major Bithumb shareholders such as CEO Lee Sang-jun.

Bithumb’s misfortunes have led to Upbit now controlling 85% of South Korean crypto trading volume, a gap that Bithumb hopes to bridge or prevent from getting wider.

As part of its IPO plans, the company’s former chairman, Lee Jeong-hoon, returns to the fold and has been named Bithumb’s registered director. Meanwhile, CEO Lee Sang-jun no longer features on the revamped board of directors.

Bithumb will hope that its latest efforts and news of the impending IPO will positively impact its market share. The exchange has had a trading volume of $648 million in the past 24 hours, a far cry from the $3.2 billion recorded by Upbit within the same timeline.