Bithumb, one of South Korea’s largest and most influential cryptocurrency exchanges based on trading volume, liquidity, and market presence is considering a potential listing on the US Nasdaq stock exchange, according to a local news outlet, Korea Economic Daily.
At a temporary shareholders’ meeting on Monday, the crypto exchange announced that it is exploring a potential US Nasdaq listing as part of its broader strategy to go public through an initial public offering (IPO).
Bithumb intends to initiate its IPO in the second half of next year, with Samsung Securities serving as lead manager.
Bithumb Reviews IPO Plans
Bithumb’s current IPO push follows a previous, unsuccessful bid to list on KOSDAQ, South Korea’s equivalent of NASDAQ, in 2020, which was hindered by ambiguous regulatory and accounting issues. However, the company remains open to exploring all possibilities, both domestically and internationally.
“Regarding listing, all possibilities are open, not only domestically but also overseas. Because the financial authorities do not recognize virtual assets as financial products, there are no Bitcoin ETFs available in Korea…Since Coinbase, the largest virtual asset exchange in the U.S., is listed on the NASDAQ, Bithumb may look overseas rather than the stock market or KOSDAQ,” a Bithumb official said.
Leading up to its highly anticipated IPO, Bithumb undertook a significant restructuring step in March, dividing its human resources into two distinct entities. This strategic realignment aims to sharpen the company’s focus on its core virtual asset exchange business, thus enhancing its chances of a successful IPO.
Bithumb will maintain its existing business divisions, while the new entity – Bithumb A or Bithumb Investment – will manage non-core assets, including holding company, investment, and real estate brokerage businesses.
Bithumb Gears Up for Rebranding
As Bithumb prepares for its NASDAQ debut, the company plans to rebrand, following its successful 2019 reorganization from BTC Korea.com to Bithumb Korea. Bithumb Korea intends to change its corporate name to Bithumb, streamlining its brand identity to bolster international awareness.
Meanwhile, Bithumb faced a legal issue in May last year when prosecutors investigated its platform, along with another South Korean crypto exchange, Upbit, over former politician and lawyer Kim Nam-kuk’s digital asset transactions.
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