South Korea’s second‑largest crypto exchange, Bithumb, has revealed plans to restructure its operations. According to a regulatory filing submitted by the platform, the move will be finalized at the shareholders’ meeting on June 13, and the new corporation is expected to launch in August. Interestingly, the decision comes months after the exchange disclosed its plans to go public.
Why Plan a Restructure?
Bithumb is carving out its non-trading activities, such as real estate brokering and investment services, into a standalone company called “Bithumb A.” According to its statement in the filing, any problems or losses in those businesses will not affect the core crypto exchange. The platform believes the move will keep the trading platform safer and more stable.
The exchange claims that by restructuring, it can set up a dedicated custody system for customer deposits. It asserts that funds will remain fully ring‑fenced and never mix with the company’s own money, making it more transparent how client assets are held and protected.
It further claims that the restructuring will enable the new company to focus on its work, deepen its expertise, and run more efficiently. The exchange can pour all its energy into improving trading services, while the spun‑off unit concentrates on investments. The split ratio between the existing firm and the new one is 56:44, and the split date is July 31.
Moreover, the exchange believes the move will boost its performance and make Bithumb more attractive to investors ahead of its initial public offering (IPO) scheduled for the second half of 2025. To lead the IPO, the platform has appointed Samsung Securities as the underwriter and is considering listing on the U.S. Nasdaq.
Not a New Move
Bithumb’s separation of its investment entity from the core firm is not entirely new in the crypto industry. Similarly, Binance Labs officially rebranded to YZi Labs in January 2025, reflecting its transition from a venture capital arm of the parent exchange to an independent investment firm. It has expanded beyond crypto and blockchain, adding AI and biotech to its portfolio focus.
Meanwhile, other crypto firms are gearing up for public listings. Circle, the issuer of the USDC stablecoin, has filed for a U.S. initial public offering (IPO) with the SEC. It has hired J.P. Morgan and Citigroup as lead underwriters, following a $1.68 billion in revenue last year. Additionally, Israel’s eToro filed for a U.S. IPO in late March 2025 and is targeting a valuation above $3.5 billion.
