Bithumb Eyes US Nasdaq Listing as IPO Plans Take Shape

Key Takeaways

• Bithumb reveals plans to go public in the United States with a Nasdaq listing.
• The IPO plans come just months after the exchange postponed its IPO bid in Korea.
• The anticipated public listing of the crypto exchange is seen as an expansion tactic.

Bithumb, South Korea’s second-largest cryptocurrency exchange, is looking to launch its initial public offering (IPO) on the US-based Nasdaq stock exchange.

The company revealed its plans to list on the exchange during a shareholders meeting on Sept. 30, with the aim of going public by the second half of the year.

Bithumb Teams Up With Samsung For IPO Bid

According to local media sources , Bithumb has partnered with Samsung to underwrite its IPO in support of its upcoming listing.

The partnership is a key strategic move for Bithumb, which seeks to leverage Samsung’s influence and expertise to navigate the complexities of going public.

To facilitate its listing plans, Bithumb began restructuring its operations in March, separating its business divisions into two distinct entities.

The newly formed Bithumb Investment will oversee the holding company, investment, and real estate brokerage divisions, while the existing Bithumb Korea will focus solely on its core crypto businesses.

The exchange hoped that the separation would enable Bithumb Korea to focus on providing a more transparent and stable service for the exchange.

Bithumb Postponed IPO Bid Earlier

Bithumb’s plans to go public in the US and separate its crypto business from its other divisions mark the exchange’s second attempt at going public via exchange listing.

In November last year, the exchange announced plans to go public on South Korea’s version of Nasdaq , Kosdaq. However, turmoil in market conditions contributed to the exchange’s loss of business and caused it to postpone its Korean IPO plans.

At the time, the exchange planned to do a  60:40 share split between Bithumb Korea and Bithumb Investment and was slated for shareholders’ voting in June before being called off. The move was seen as a focus on increasing Bithumb’s market share, which is currently around 20% compared to Upbit’s 80%.

While it’s unclear why the exchange shifted its focus from South Korea to the US, the stringent regulatory requirements are believed to be one key reason. However, the Bithumb spokesperson has maintained that South Korea is not out of the picture.