Crypto alternate Bithumb plans to grow to be the primary digital asset firm to go public on the South Korean inventory market.
Native information outlet Edaily reported on Nov. 12 that Bithumb is preparing for an preliminary public providing (IPO) on the KOSDAQ — South Korea’s model of the US Nasdaq — with an anticipated itemizing date set for someday within the second half of 2025.
Bithumb declined to verify whether or not the IPO was going forward however admitted that they had lately chosen an underwriter, an organization tasked with guaranteeing the monetary safety of one other usually earlier than a agency goes public. Bithumb selected Samsung Securities as its potential IPO underwriter, in response to Edaily.
Bithumb’s former chairman Lee Jeong-hoon returned to Bithumb as its registered director, in response to sources accustomed to the matter. In the meantime, CEO Lee Sang-jun was excluded from a spot on the board of administrators on account of an ongoing investigation into alleged bribery.
Moreover, the sources claimed Bithumb’s transfer to go public resulted from not wanting to surrender additional market share to Upbit — the most important crypto alternate in South Korea.
Bithumb is currently the second largest crypto alternate in South Korea by each day buying and selling quantity, a distant second to Upbit. In July, Upbit’s monthly trading volumes surpassed that of Coinbase and Binance for the primary time.
Each Upbit and Bithumb became the subjects of unwanted attention in Could when South Korean authorities raided their places of work over allegedly fraudulent crypto buying and selling on behalf of an area lawmaker.
In February, Kang Jong-hyun, one in every of Bithumb’s largest shareholders — and suspected “actual proprietor” — was arrested on embezzlement charges following a prolonged police investigation into his allegedly illicit habits.
41-year-old Jong-hyun is the elder brother of Kang Ji-yeon, the pinnacle of Bithumb affiliate Inbiogen. The agency holds the most important share in Vidente Vidente, the largest Bithumb shareholder with a 34.2% stake.
Bithumb was based in 2014 and on the time of publication had a 24-hour buying and selling quantity of roughly $580 million, in response to CoinGecko data.