South Korean crypto exchange Bithumb is preparing for an initial public offering (IPO) on theKosdaq, a trading board of Korea Exchange (KRX) in South Korea, and is expected to gopublic in the second half of 2025
Bithumb has selected Samsung Securities as its manager for lPO at the end of October.according to a local media report. People familiar with the matter said that the listing was aimedat gaining more market share in the country.
Upbit, Bithumb, Coinone, and Korbit are the four major cryptocurrency exchanges in SouthKorea, with Upbit accounting for nearly 80% of the trading volume in the country'scryptocurrency market. Bithumb, the second largest participant in this market, accounts for15% to 20% of the trading volume. Coinone's market share is between 3% and 5%, whileKorbit's is less than 1%.
As of the first half of 2023, Bithumb holds over 400 billion won ($302 million) in financiaproduct assets. A spokesman from Bithumb emphasized that the lPO was not to raise fundsbut to enhance market trust in its operations by undergoing a verification process to ensure itssoundness in corporate governance, management transparency and internal control systems
The spokesman said: "Many people have doubts about cryptocurrency exchanges becausethey perceive them as not being transparent." Becoming the first crypto exchange to enter the"regulatory framework would help it gain market trust
As part of the lPO drive, Lee Jung-hoon, former chairman of Bithumb and Bithumb Holdingshas returned to Bithumb Holding's board as its registered director. Bithumb Holdings holds a73.56 percent stake in Bithumb and Lee is the de facto biggest shareholder of this holdingscompany. Lee Jung-hoon was previously accused of fraud but was later acquitted
Separately, Bithumb Holdings CEO Lee Sang-jun was excluded from a place on the board ofdirectors due to an ongoing investigation into alleged bribery. Industry insiders view thisdecision as an effort to minimize legal risks in preparation for the IPO.
The new CEO of Bithumb Holdings, Lee Jae-won, will take a leading role in spearheadingefforts for Bithumb's successful IPO.
