Cryptocurrency Exchange Bithumb Plans to Go Public in 2025
A South Korean-based cryptocurrency exchange, Bithumb, is reportedly gearing up to conduct an initial public offering (IPO) in the second half of 2025. The IPO is expected to be underwritten by Samsung Securities, a subsidiary of the Samsung Group. While Bithumb has not confirmed its plans to go public, the firm has acknowledged that it has selected an underwriter for the IPO.
Goal of the IPO
The IPO is not primarily driven by funding needs but is geared towards increasing Bithumb’s market share and catching up to its top domestic competitor, Upbit. Currently, Bithumb ranks as the 13th-largest crypto exchange in the world in terms of trading volume, while Upbit sits at number 11. Through the IPO, Bithumb aims to improve its image and increase trust in the crypto exchange to attract more users.
Leadership Changes
Before the potential IPO, former chairman Lee Jeong-hoon has made a comeback by taking up a board seat as a registered director, according to a source familiar with the matter.
Hot Take: Bithumb’s Strategic Move Towards Going Public
Bithumb’s decision to go public reflects its strategic move to enhance its market position and attract more users by improving its image and increasing trust. The choice of Samsung Securities as an underwriter underscores the confidence in Bithumb’s growth prospects and signals its readiness for a significant milestone in its development within the cryptocurrency industry.
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