South Korea’s Bithumb Eyes US Market with Potential Nasdaq IPO in 2025: Report
Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.
South Korean crypto exchange Bithumb is reportedly exploring a public listing on the US tech-heavy index Nasdaq.
A local news outlet reported on Monday that the exchange disclosed this potential move at a shareholders’ meeting on Sept. 30. Moreover, the company is aiming for a listing in the latter part of next year. It has enlisted Samsung Securities as the lead manager.
In March, the exchange reportedly took the initiative to divide its Human Resources division. This step was aimed at boosting the prospects of an IPO by concentrating on its core virtual asset exchange operations. Consequently, the new business segment will be transitioned to a separate company.
By 2020, Bithumb was gearing up for a listing on Kosdaq, South Korea’s equivalent to Nasdaq. However, these plans were put on hold because of worries regarding the company’s unclear governance structure.
Furthermore, the 2020 endeavor faced setbacks due to a probe by the prosecution service into fraud allegations against the former chairman of Bithumb Holdings and Bithumb Korea, Lee Jeong-hoon.
Bithumb is a leading crypto exchange in South Korea, and is working to strengthen its market position in response to Upbit’s dominance. Upbit controls over 80% of the South Korean crypto market, showing its significant influence on trading and customer engagement. This dominance is driven by Upbit’s early market entry, strategic growth initiatives, partnerships and strict regulatory compliance, which have cemented its leadership.
Bithumb has had its share of legal controversies. The exchange’s executives and suspected owners have consistently dealt
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