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Unexpectedly, local sources have revealed that Bithumb, one of South Korea’s top cryptocurrency exchanges, may consider going public in 2025. It has been claimed that the exchange is thinking about making its Kosdaq debut and is possibly looking at moving to the Korea Exchange (KOSPI) platform in the future.
According to insider knowledge, Bithumb’s planned initial public offering (IPO) approach is seen as a daring attempt to unseat Upbit, which presently holds an 85% market share in South Korea’s bitcoin trading industry. The decision of Lee Jung-hoon to rejoin the board of Bithumb as the principal investor is viewed as a calculated attempt to improve the company’s governance.
Reliable sources reveal that Bithumb has already started preparing for its initial public offering (IPO) and has selected Samsung Securities to serve as its fund manager. The exchange is aiming for a Kosdaq listing, but it declined to give an official statement to the South Korean news source Edaily about these events.
According to Bithumb’s second-quarter financial reports, the company has assets valued at 400 billion won, or $303.56 million. Notably, on November 12, 2023, the exchange reported a spot trading volume of $658.58 million. Upbit, which had a trading volume six times larger at $3.98 billion, presents a serious rival to it. In preparation for going public, Bithumb is doing a thorough company makeover.
With Lee Jung-hoon in a position to increase his influence, guarantee a successful IPO, and spearhead internal streamlining initiatives, the upcoming IPO is anticipated to establish a precedent in the country’s cryptocurrency environment. Interestingly, there was a ‘kimchi premium’ on spot BTC prices on Sunday at Upbit and Bithumb, with South Korea’s BTC pricing exceeding worldwide rates by more than $350.