Bithumb, one of South Korea’s top cryptocurrency exchanges, had a strong start to 2025. In the first half of the year, the exchange pulled a solid 35% jump in its revenue compared to the same time last year.
As per a local report, Bithumb accumulated 329.16 billion won in sales during the first half of this year. However, the exchange’s operating profit slipped 5.7% to 90.12 billion won, and net profit took a bigger hit, tumbling 46.5% to 55.04 billion won.
Bithumb explained that part of the drop came from spending more money on perks and benefits for users, which they started offering in the second half of last year. On top of that, they recorded valuation losses from certain cryptocurrencies, which weighed down earnings.
The boost in revenue is being credited to the renewed excitement in the crypto market earlier this year. Bitcoin and other major coins smashed new records. Even today, Bitcoin hit a new record of $123,824 before easing to $121,100. It was also fueled by the passing of America’s new stablecoin law, the “Genius Act.”
Investors also felt more confident because of growing expectations that the U.S. Federal Reserve might cut interest rates this year. Lower rates tend to push people toward riskier assets like cryptocurrencies, and that optimism gave the market a strong tailwind.
IPO Plans and Comeback Story
Bithumb is also preparing for an Initial Public Offering (IPO) by the end of 2025, starting with a listing on South Korea’s Kosdaq and possibly later on the U.S. Nasdaq. It will be divided into two businesses, one focused on the exchange business and the other on investments and subsidiaries, with Samsung Securities directing the IPO process.
Bithumb is making a return after years of failures, including a $30 million hack in 2018 and losing market share to competitor Upbit.
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