Bithumb, one of South Korea’s leading cryptocurrency exchanges, has revealed its plans to potentially list publicly in the United States. The announcement was made during a shareholders meeting on September 30, as reported by local media outlet Dnews.
The exchange is considering a listing on the Nasdaq exchange in the second half of 2025. To facilitate this initial public offering (IPO), Bithumb has enlisted Samsung Securities as its primary underwriter.
In a strategic move earlier this year, Bithumb established a new entity called Bithumb Investment. This entity aims to strengthen the exchange’s digital asset trading business and improve its chances for a successful IPO. Bithumb Investment will oversee the company’s investment and real estate brokerage divisions.
This latest IPO plan comes after Bithumb’s unsuccessful attempt to list on Korea’s KOSDAQ market in 2020. The plans were scrapped due to a lack of clear regulations and accounting standards for digital assets at the time.
A Bithumb official commented on the company’s listing strategy, stating that all options are being considered. The official mentioned that both domestic and international markets, including the United States, are on the table for potential listings.
At present, Bithumb holds a significant portion of South Korea’s cryptocurrency market, accounting for approximately 10% to 20% of the market share. The exchange’s spot trading volume reached nearly $650 million in the last 24 hours, according to CoinMarketCap data. In the first quarter of 2024, Bithumb reported earnings of 62.1 billion won, marking a 283% increase from the previous year.
If Bithumb proceeds with its plans for a US listing, it will join a select group of cryptocurrency firms that have gone public in the country. In 2021, Coinbase made its debut on the Nasdaq through a direct stock listing. Earlier this year, stablecoin issuer Circle also announced its intentions to go public. Reports have suggested that Ripple, another prominent blockchain firm, is also considering a public listing.
Industry experts believe that these developments further cement cryptocurrency’s position as a legitimate asset class that is gaining increased global recognition.
In conclusion, Bithumb’s potential IPO in the US signifies a significant milestone for the exchange and the broader cryptocurrency industry. Stay tuned for more updates on this exciting development.