Bithumb’s Plans for a U.S. IPO
Bithumb, the second-largest cryptocurrency exchange in South Korea, is exploring opportunities for a potential public listing in the United States. This announcement was made during a shareholders meeting on September 30, as reported by local media outlet Dnews.
Listing Strategy and Timeline
The exchange aims to target a Nasdaq listing by the latter half of 2025, having appointed Samsung Securities as its primary underwriter to assist in the Initial Public Offering (IPO) process.
New Business Ventures
Earlier this year, Bithumb launched a new subsidiary named Bithumb Investment, which is designed to enhance the digital asset exchange’s capabilities and improve the prospects for a successful IPO. This new division will manage the company’s investment and real estate brokerage activities.
Past Attempts and Future Options
This move comes on the heels of an unsuccessful bid to list on Korea’s KOSDAQ market back in 2020, a decision that was ultimately scrapped due to unresolved regulatory and accounting concerns regarding digital assets.
A company representative emphasized that all options are being considered, which includes looking at both domestic and international markets for the listing.
Current Market Position
As of now, Bithumb commands roughly 10% to 20% of South Korea’s cryptocurrency market, with a spot trading volume nearing $650 million within a 24-hour period, according to data from CoinMarketCap. The exchange also reported earnings of 62.1 billion won in Q1 2024, marking an impressive 283% increase compared to the previous year.
Trends in Cryptocurrency IPOs
If Bithumb proceeds with its IPO plans, it will join a select group of cryptocurrency firms that have gone public in the U.S. Notably, Coinbase achieved a significant milestone by going public on the Nasdaq through a direct stock listing in 2021.
Other Noteworthy Public Listings
This year has seen further developments, with Circle, a stablecoin issuer, initiating plans for a public listing, and Ripple also expressing intentions to pursue its own IPO following a favorable outcome in its legal challenges with the SEC.
The Growing Acceptance of Crypto
Market experts are viewing these developments as a solidification of cryptocurrencies as a legitimate asset class, which continues to gain momentum on a global scale.