South Korean crypto exchange Bithumb has yet to confirm the IPO; it recently informed local media that it has chosen an underwriter.
On November 12, the local news outlet Edaily reported that Bithumb is preparing to list on the KOSDAQ, which is equivalent to the Nasdaq in the United States. The IPO is anticipated to occur in the second half of 2025.
Bithumb declined to confirm the progress of the initial public offering (IPO) but acknowledged that they had recently appointed an underwriter. An underwriter is a third-party entity responsible for ensuring the financial stability of a company, typically before the IPO.
According to Edaily, Bithumb selected Samsung Securities as its prospective IPO underwriter. Lee Jeong-hoon, the erstwhile chairman of Bithumb, reportedly rejoined the company as a registered director, according to sources with knowledge of the situation.
Concurrently, an ongoing investigation into alleged bribery resulted in the exclusion of CEO Lee Sang-jun from the board of directors.
Furthermore, according to the sources, Bithumb’s decision to go public was motivated by a desire to prevent further market share loss to Upbit, the largest cryptocurrency exchange in South Korea.
Bithumb ranks second to Upbit as the second-largest cryptocurrency exchange in South Korea regarding daily trading volume. Monthly trading volumes on Upbit surpassed those of Coinbase and Binance for the first time in July.
May saw the unwelcome intrusion of South Korean authorities into the offices of Upbit and Bithumb, purportedly in connection with fraudulent cryptocurrency trading on behalf of a local lawmaker.
One of the largest shareholders of Bithumb and the presumed “real owner,” Kang Jong-hyun, was detained in February on embezzlement charges after an extensive police inquiry into his purportedly unlawful activities.
(41 years) Jong-hyun is the older sibling of Kang Ji-yeon, who serves as the CEO of Inbiogen, an affiliate of Bithumb. With a 34.2% stake, the firm owns the most significant portion of Vidente Vidente, the largest shareholder of Bithumb.
CoinGecko data indicates that Bithumb, established in 2014, had a 24-hour trading volume of approximately $580 million at publication.
