SEOUL - Bithumb, South Korea's second-largest cryptocurrency exchange, is laying the groundwork for an initial public offering (IPO) on the KOSDAQ market, with a potential shift to the KOSPI market being considered as well. The exchange, which holds a market share of approximately 10%, is setting its sights on regaining market supremacy from Upbit, which currently dominates with an 85% share.
In preparation for the IPO, Bithumb has recently undergone significant changes in its leadership structure. The company reinstated ex-Chairman Lee Jung-hoon as a registered director at Bithumb Holdings. Meanwhile, CEO Lee Sang-jun was removed from the board amid accusations of soliciting coin listings. The CEO responsibilities at Bithumb Holdings will now be jointly managed by Jaewon Lee, who also serves as the CEO of Bithumb Korea.
This move comes alongside Bithumb's strategic efforts to enhance governance and management transparency. With financial assets totaling over 400 billion won, the exchange is in a strong position, as it does not require external capital to fund its operations.
As part of its IPO strategy, Bithumb has partnered with Samsung (KS:005930) Securities to serve as the underwriter. This decision aligns with their aim to strengthen their market position and rebuild trust following past scandals and regulatory challenges.
The IPO is scheduled for the second half of 2025 and represents a crucial step in Bithumb's plan to challenge Upbit's current market leadership. The establishment of Bithumb Holdings and the selection of an underwriter are indicative of the company’s commitment to responsible management and long-term growth objectives.
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