Bithumb Prepares for IPO with Samsung Securities
Recently, Bithumb, a South Korean crypto exchange, announced its plans for an initial public offering (IPO) in 2025. The company has chosen Samsung Securities as its underwriter to create the prospectus for the IPO, making it the first digital asset company to go public on the South Korean stock market.
Bithumb’s Potential IPO Plans
While Bithumb has not officially confirmed its intentions for an IPO, the selection of Samsung Securities strongly suggests that the company is moving towards the process of going public. This move emphasizes the seriousness of Bithumb’s potential IPO plans.
A recent study by Web3 consulting firm DeSpread.io highlighted the significant position of centralized exchanges in the South Korean crypto trading market, with Korean exchanges experiencing a 37% increase in volumes from June to July, demonstrating the rising influence of domestic platforms.
In a bid to secure a foothold in the market, Bithumb introduced a zero-fee structure in October to capture market share; however, this strategy did not sustainably boost volumes. This could have led to Bithumb’s decision to pursue a public listing and challenge Upbit’s dominance through the IPO.
Leadership Changes at Bithumb
Several South Korean crypto exchanges have faced regulatory and legal issues recently, including Bithumb. The former chair, Lee Jeong-hoon, was reinstated as a registered director in the company after facing accusations of fraud concerning the crypto exchange’s acquisition. Park Mo, Vice President of Vidente, also faced allegations of embezzlement and stock price manipulation before being discovered deceased in front of his residence in Seoul.
Hot Take: Bithumb’s Move Towards IPO Signals Industry Transformation
Bithumb’s decision to pursue an IPO marks a significant milestone for the cryptocurrency industry in South Korea. As one of the first digital asset companies to go public on the country’s stock market, it signifies a shift towards mainstream acceptance and regulation within the sector. The move also reflects Bithumb’s determination to solidify its position within the market and challenge dominant players through increased transparency and accountability.
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