Bithumb Korea reportedly settled on Samsung Securities as its underwriter.
The exchange has been silent about the IPO but has confirmed about the underwriter.
One of South Korea’s most renowned cryptocurrency trading platforms, Bithumb, is apparently preparing for a historic Initial Public Offering (IPO) on KOSDAQ.
The Korea Exchange (KRX) in South Korea launched its trading board, KOSDAQ, in 1996. Initially established by the Korea Financial Investment Association as a separate stock market from the Korean Stock Exchange, it followed the same structure and procedures as the NASDAQ in the United States.
Bithumb Korea, the company behind the platform, reportedly settled on Samsung Securities as its underwriter at the end of last month, as revealed by industry insiders.
Earning Back Confidence
Preparations for Bithumb’s initial public offering (IPO) have begun, and the company hopes to go public in the second half of 2025. Although listing on the KOSDAQ is now prioritized, a potential move to the more significant KOSPI market has been rumored. Bithumb has been silent about the IPO but has confirmed that an underwriter has been chosen.
Bithumb’s plan seems to be based on the desire to retake market leadership from its main competitor Upbit, which presently owns a huge 85% share, rather than on the necessity for cash infusion, as is typical of IPO situations. Bithumb recognizes that its customers’ faith in the firm is the key to its future success, and as such, it is working to earn back their confidence.
Bithumb Holdings, in likely keeping with its IPO plan, has welcomed back former Chairman Lee Jung-hoon to its ranks as a registered director.
According to the company’s most recent semiannual report, it has more than 400 billion won in financial product assets. Instead, the IPO is seen as a strategic reaction to the need of restoring market confidence, a key element in regaining the leadership position lost to Upbit.