Bithumb, a prominent cryptocurrency exchange, is reportedly gearing up to become the first digital asset company to undergo an initial public offering (IPO) on the South Korean stock market. According to local news outlet Edaily, Bithumb is preparing for an IPO on KOSDAQ, South Korea’s equivalent of the Nasdaq, with a tentative listing date set for the second half of 2025.
While Bithumb has not officially confirmed the IPO, reports suggest that the exchange has selected Samsung Securities as its potential underwriter, a crucial role in ensuring financial stability before a company goes public. Bithumb’s former chairman, Lee Jeong-hoon, has returned as its registered director, while CEO Lee Sang-jun has been excluded from a directorial position due to an ongoing investigation into alleged bribery.
Insiders claim that Bithumb’s decision to go public is motivated by a desire to avoid ceding further market share to Upbit, currently the largest crypto exchange in South Korea. Bithumb holds the second position in terms of daily trading volume, with Upbit leading the market. In July, Upbit’s monthly trading volumes surpassed those of major global exchanges like Coinbase and Binance.
Both Upbit and Bithumb faced scrutiny in May when South Korean authorities raided their offices over allegations of fraudulent crypto trading on behalf of a local lawmaker. In February, Kang Jong-hyun, a major Bithumb shareholder and suspected “real owner,” was arrested on embezzlement charges after a police investigation into alleged illicit activities.
Founded in 2014, Bithumb is currently the second-largest cryptocurrency exchange in South Korea by daily trading volume. At the time of reporting, its 24-hour trading volume was approximately $580 million, according to CoinGecko data.