Bithumb, recognized as South Korea’s second-largest cryptocurrency exchange, has unveiled its intention to explore a public listing in the United States. This announcement came during a shareholders meeting held on September 30, as reported by local media outlet Dnews. The exchange is eyeing a Nasdaq listing, potentially in the latter half of 2025, a move that underscores its ambitions to broaden its market presence and enhance its growth trajectory. To propel this initiative, Bithumb has selected Samsung Securities as the primary underwriter for its initial public offering (IPO).
This strategic decision comes on the heels of Bithumb’s establishment of a new subsidiary known as Bithumb Investment, which aims to strengthen its digital asset exchange operations. By diversifying into investment and real estate brokerage, Bithumb hopes to create a robust foundation that not only boosts its financial health but also enhances the attractiveness of its IPO. The exchange’s prior attempt to list on South Korea’s KOSDAQ market in 2020 resulted in a withdrawal, predominantly due to ambiguous regulatory frameworks surrounding digital assets. However, the current market conditions and clearer guidelines in international markets, particularly in the U.S., may provide Bithumb the necessary impetus to pursue this listing.
An official from Bithumb articulated the firm’s adaptable listing strategy, indicating that both domestic and international markets are under consideration. This flexibility may serve the exchange well in an evolving regulatory environment. Presently, Bithumb commands a significant share of the South Korean crypto market, accounting for approximately 10% to 20%, with impressive spot trading volumes averaging around $650 million in the last 24 hours, according to data from CoinMarketCap.
From a financial standpoint, Bithumb reported earnings of 62.1 billion won in the first quarter of 2024, an astonishing 283% rise compared to the same period in the previous year. Such growth figures showcase Bithumb’s potential to not only survive but thrive in the competitive crypto exchange landscape.
If Bithumb successfully executes its public listing strategy, it will join a select group of cryptocurrency enterprises that have made similar moves in the U.S. markets. Coinbase, for example, made waves in 2021 with its direct stock listing on Nasdaq, while the stablecoin issuer Circle has also initiated its public listing plans. Furthermore, rumors circulate regarding Ripple’s intentions to list publicly as well. These efforts collectively signify a critical shift in the cryptocurrency sector, reinforcing its legitimacy and drawing increasing interest from institutional investors.
Bithumb’s potential public offering in the U.S. represents not just a significant milestone for the exchange itself, but also reflects the wider maturation of the cryptocurrency market. As regulatory clarity improves and market dynamics evolve, cryptocurrency exchanges are finding new avenues to access capital and legitimacy, suggesting a promising future for both Bithumb and the broader cryptocurrency industry.
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