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Bithumb prepares for IPO on KOSDAQ, aims to revitalize market position

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TL;DR

  • Bithumb, a major player in South Korea’s cryptocurrency market, is planning an Initial Public Offering on the KOSDAQ.
  • The company targets a listing in the second half of 2025, with potential considerations for moving to the KOSPI market.
  • Unlike typical IPOs for fundraising, Bithumb’s IPO aims to rebuild market confidence to challenge Upbit’s 85% market share.

In a significant development within South Korea’s dynamic cryptocurrency sector, Bithumb, a leading crypto exchange, is gearing up for an Initial Public Offering (IPO) on the KOSDAQ. This strategic move marks a pivotal moment for the company as it seeks to bolster its position in the highly competitive market.

Bithumb Korea, operating the platform, has appointed Samsung Securities as its underwriter, signaling the seriousness of its IPO endeavor. Plans are in motion for a listing in the second half of 2025, with considerations for a potential shift to the more prestigious KOSPI market, although KOSDAQ remains the primary focus.

This IPO strategy diverges from the typical narrative of companies seeking public funding. Bithumb, boasting over 400 billion won in financial product assets, as per its latest semiannual report, is not in dire need of additional capital. Instead, the company’s decision to go public primarily aims at regaining market confidence, a crucial factor for challenging Upbit’s dominant 85% market share.

Restoring trust among its customers is at the heart of Bithumb’s strategy. The company understands that customer confidence is the cornerstone of its quest to reclaim the market leader position.

Amidst these strategic shifts, Bithumb Holdings has seen notable changes in its leadership. Former Chairman Lee Jung-hoon has returned as a registered director, a move signaling renewed commitment to responsible governance. Concurrently, CEO Lee Sang-jun was removed from the board following allegations of improper conduct related to currency listings.

In alignment with these leadership changes, Jaewon Lee, CEO of Bithumb Korea, now also helms Bithumb Holdings. This consolidation of leadership roles is viewed as a step that echoes the ethos of former Chairman Lee, reinforcing the company’s focus on strong and ethical management.

The road to the IPO is seen as an opportunity for Bithumb to fortify its standing in the crypto trading arena. By going public, Bithumb aims to enhance transparency and accountability, key factors in winning back customer trust and competing more effectively with market leader Upbit.

As Bithumb forges ahead with its IPO plans, the market awaits to see how this strategic move will reshape South Korea’s cryptocurrency trading landscape dynamics. The company’s decision to list on the KOSDAQ, and possibly the KOSPI, marks a significant step in its journey towards regaining its former glory and setting a new standard in the crypto exchange industry.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Mutuma Maxwell

Maxwell especially enjoys penning pieces about blockchain and cryptocurrency. He started his venture into blogging in 2020, later focusing on the world of cryptocurrencies. His life's work is to introduce the concept of decentralization to people worldwide.

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