Bithumb, South Korea’s second-largest cryptocurrency exchange, is exploring the possibility of listing on the US Nasdaq by the second half of 2025. This decision was discussed during a shareholder meeting on September 30, 2024.
Samsung Securities has been appointed as the lead manager for the IPO. The plan to list on the Nasdaq stems from Bithumb’s previous challenges in listing on South Korea’s KOSDAQ in 2020, where unclear regulations and a lack of accounting standards for virtual assets halted its efforts.
Bithumb is reorganizing its business in preparation for its initial public offering (IPO). The company will focus on its main exchange activities by splitting off its investment and real estate sectors into a new entity, provisionally dubbed “Bithumb A” or “Bithumb Investment.” This strategy aims to boost the success of the IPO by focusing on virtual asset exchange operations.
A representative from Bithumb stated, “We are keeping all options open for our listing, both in domestic and international markets.”
Despite this, securities industry analysts believe the chance of Bithumb getting listed on the local stock market is minimal. According to an insider, South Korean financial regulators do not recognize virtual assets as financial instruments, which is why there are no Bitcoin ETFs in the nation.
An insider added, “Since Coinbase, the largest virtual asset exchange in the U.S., is listed on the NASDAQ, Bithumb may look overseas rather than the stock market or KOSDAQ.”
Bithumb Korea’s shareholders approved a name change to simply “Bithumb” during the general meeting. This change is intended to improve brand recognition by matching the corporate name with the exchange’s service name. Previously, Bithumb had rebranded from BTC Korea.com to Bithumb Korea in 2019.
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