By: Eliza Bennet
Leading South Korean cryptocurrency exchange Bithumb has unveiled plans for a 2025 Initial Public Offering (IPO) on the Korean Securities Dealers Automated Quotations (KOSDAQ) as a part of their strategic expansion. This move is pivotal in helping Bithumb stand against Upbit, another major player in South Korea's cryptocurrency market.
Bithumb has selected Samsung Securities as its underwriter for the IPO and is also considering extending the listing to the KOSPI market. Known to be one of the country's most prominent crypto exchanges, Bithumb has nearly $650 million in spot trading volume.
With assets exceeding 400 billion won (approximately $300 million), Bithumb's IPO is distinct and isn't aimed at securing additional funding. Instead, it seeks to rebuild public trust by exposing its management and governance processes to external verification. This move comes following challenges pertaining to Bithumb's leadership and a leadership overhaul in anticipation of the IPO. Jaewon Lee has taken up the role of CEO at Bithumb Holdings and is expected to guide the upcoming IPO.
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