Cryptocurrency exchange Bithumb plans to become the first publicly traded digital asset company on the South Korean stock market.
Local media Edaily reported On November 12, Bithumb is preparing for an initial public offering (IPO) on the KOSDAQ, the South Korean version of the US Nasdaq, with a listing date planned for sometime in the second half of 2025.
Bithumb declined to confirm whether the IPO was going ahead, but admitted that they had recently selected an underwriter, a company tasked with guaranteeing the financial security of another, typically before a company goes public. Bithumb chose Samsung Securities as its potential IPO underwriter, according to Edaily.
Bithumb former president Lee Jeong-hoon He returned to Bithumb as its registered director, according to sources familiar with the matter. Meanwhile, CEO Lee Sang-jun was excluded from a board spot due to an ongoing investigation into alleged bribery.
Additionally, sources claimed that Bithumb's decision to go public was because it did not want to give up more market share to Upbit, South Korea's largest crypto exchange.
Related: Bithumb's largest shareholder executive found dead after accusations of embezzlement
Bithumb is at the moment South Korea's second largest crypto exchange by daily trading volume, a distant second behind Upbit. In July, Upbit monthly trading volumes exceeded that of Coinbase and Binance for the first time.
Both Upbit and Bithumb They became subjects of unwanted attention in May, when South Korean authorities raided its offices for allegedly fraudulent cryptocurrency trading on behalf of a local lawmaker.
In February, Kang Jong-hyun, one of Bithumb's largest shareholders - and alleged "actual owner" - was arrested on charges of embezzlement after a lengthy police investigation into his allegedly unlawful behavior.
Jong-hyun, 41, is the older brother of Kang Ji-yeon, director of Bithumb subsidiary Inbiogen. The firm owns the largest stake in Vidente Vidente, Bithumb's largest shareholder with a 34.2% stake.
Bithumb was founded in 2014 and, at the time of this publication, had a 24-hour trading volume of approximately $580 million, according to CoinGecko. data.
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