Bithumb, a major crypto exchange, is planning to initiate an initial public offering on the Nasdaq stock exchange in the United States, with the aim of achieving a listing in the latter half of next year.
As one of the largest crypto exchanges in South Korea, Bithumb is reportedly contemplating a public offering in the U.S. and is targeting a Nasdaq listing by the second half of 2025, according to a report by the Korea Economic Daily report. During a recent shareholders’ meeting, the organization confirmed this intention, indicating that it is in active pursuit of an IPO, with Samsung Securities serving as the lead underwriter.
In March, Bithumb established a 60:40 share split, aimed at enhancing its IPO potential by concentrating on its primary crypto exchange operations. The newly created company, provisionally named Bithumb Korea or Bithumb Investment, will manage non-core activities such as investment and real estate leasing, according to the report.
This strategy is anticipated to refine Bithumb’s focus on the exchange aspect while divesting other business units to boost overall valuation.
Bithumb prepares for a backup plan
This is not the first instance of Bithumb attempting to go public. The exchange previously considered a Kosdaq listing in 2020 but suspended the initiative due to ambiguous regulations and accounting standards related to cryptocurrencies.
Even though the regulatory environment in South Korea is currently challenging for crypto-related financial products, such as Bitcoin exchange-traded funds, Bithumb may discover a more favorable atmosphere in the U.S., where Coinbase, another crypto exchange, is successfully listed on Nasdaq.
In early April, Bithumb reported an operating loss of $11 million for the fiscal year 2023, attributing this to a significant drop in revenue and a fee-waiver policy implemented during the fourth quarter. The annual revenue for 2023 totaled $100.6 million, reflecting a 58% decrease from the previous year.
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