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Bithumb is gearing up for its initial public offering (IPO).

This comes weeks after the South Korean crypto exchange picked Samsung Securities as its underwriter, which is tasked with creating the prospectus, a legal document that furnishes comprehensive details about the initial public offering (IPO).

Bithumb Eyes for IPO in 2025

According to a report by Edaily, Bithumb plans to debut on the KOSDAQ, South Korea’s equivalent of the Nasdaq in the United States. The listing is scheduled to take place in the latter half of 2025. In doing so, Bithumb will become the first digital asset company to go public on the South Korean stock market.

Although Bithumb has not officially announced its intentions for an IPO, the recent choice of Samsung Securities as a potential underwriter strongly indicates a significant move towards the process of going public. The move underscores the seriousness of Bithumb’s potential IPO plans.

A recent study by Web3 consulting firm highlighted the prominent position of centralized exchanges in the South Korean crypto trading market. Despite a global decline in trading volumes since March, Korean exchanges have experienced a contrary trend, with a 37% increase in volumes from June to July.

The growth demonstrated the rising influence of domestic platforms, constituting around 10% of volumes compared to Binance and 16% compared to Coinbase. Upbit dominates the Korean market, commanding 80% of trading volumes, while Bithumb holds the second position with a 15-20% share.

In a bid to secure a foothold in the market, Bithumb introduced a zero-fee structure in October to capture market share. However, this strategy did not sustainably boost volumes. This could have led to Bithumb’s decision to pursue a public listing and challenge Upbit’s dominance through the IPO.

Changes in Bithumb’s Leadership

Several South Korean crypto exchanges have run into regulatory and legal troubles in recent times, including Bithumb.

The former chair, Lee Jeong-hoon, was reinstated as a registered director in the company. In October 2018, he faced accusations of fraud concerning the crypto exchange’s acquisition; however, he was acquitted earlier this year.

Park Mo, the Vice President of Vidente, the major shareholder of Bithumb, was also under scrutiny for allegations of embezzlement and stock price manipulation. Unfortunately, he was discovered deceased in front of his residence in Seoul in December 2022. The initial investigation did not reveal indications of potential foul play, suggesting that Mo might have taken his own life.

The post Here’s When Bithum Plans to Take a Leap Toward IPO: Report appeared first on CryptoPotato.

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