South Korean Crypto Exchange Bithumb Plans to Go Public Next Year

South Korea’s second-largest cryptocurrency exchange, Bithumb, is planning to launch an initial public offering (IPO) on Nasdaq, the most active stock trading venue in the US by trading volume. The crypto exchange announced plans to go public at a temporary shareholders’ meeting on September 30. It aims to list in the second half of 2025.

Bithumb Partners Samsung for IPO Efforts 

A local media outlet reported that Bithumb has tapped Samsung Securities as the underwriter for the upcoming public listing. This means that Samsung will help market Bithumb’s IPO to the public, creating interest and building demand for the shares. Samsung will also help manage selling Bithumb’s shares to investors, ensuring that the IPO is successful.

Notably, Bithumb has already started preparing for its listing plans. As part of its listing efforts, Bithumb restructured its operations in March, including splitting business divisions into two distinct entities. While the existing Bithumb Korea will focus on the crypto exchange business, the newly formed entity, Bithumb Investment, will handle the holding company, investment, and real estate brokerage business divisions.

Not the First  

This is not the first time Bithumb has planned to go public. In November 2023, the exchange announced plans to go public by listing its shares on Kosdaq market, South Korea‘s counterpart of Nasdaq. At the time, it targeted the second half of 2025 with Samsung Securities as its underwriter for the IPO. However, it canceled that plan due to regulatory hurdles in the country.

“Because the financial authorities do not recognize virtual assets as financial products, there are no Bitcoin ETFs available in Korea,” and “Since Coinbase, the largest virtual asset exchange in the US, is listed on the NASDAQ, Bithumb may look overseas rather than the stock market or KOSDAQ,” an industry insider explained.

A Bithumb executive stated, “regarding listing, all possibilities are open, not only domestically but also overseas.”

If its IPO plans succeed, Bithumb will join Coinbase, which has successfully gone public in the US.