Bithumb is South Korea’s second-largest cryptocurrency exchange. It is reportedly gearing up for an initial public offering (IPO) on Nasdaq in the United States in 2025. Bithumb has a market share of approximately 10%. It aims to challenge Upbit, which currently dominates the market with an 85% share.

Former Chairman Lee Jung-hoon Returns, Pledging Responsible Management

The move is seen as an effort to enhance trust in the company and regain a leading position in the market. Bithumb has often been involved in scandals in South Korea and has faced scrutiny from regulatory authorities.

In preparation for the IPO, Bithumb has selected Samsung Securities. It signals a strategic move to restructure the market dynamics. The IPO is expected to take place in the second half of 2025. It will initially target a KOSDAQ listing, with the possibility of considering the securities (KOSPI) market in certain scenarios.

Former Chairman Lee Jung-hoon is the largest shareholder in Bithumb. He has established the holding company, Bithumb Holdings, as part of the IPO preparations. Lee has returned to the board of directors, emphasising a commitment to responsible management.

Bithumb’s Internal Changes Set the Stage for IPO Success

While Bithumb has not officially commented on the IPO plan, industry insiders confirm the selection of Samsung Securities as the underwriter. The IPO is viewed as a strategic move to enhance trust in the exchange’s operations. It focuses on governance enhancements and transparent management practices. With financial product assets exceeding 400 billion won, Bithumb Korea currently has no immediate need for external financing. The IPO is perceived as a proactive measure to address the challenge of regaining market leadership from Upbit.

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To facilitate the IPO’s success, Bithumb has initiated efforts to improve its corporate structure. Former Chairman Lee Jung-hoon returns to Bithumb Holdings as a registered director. It signals a shift in control and also sidelines figures like CEO Lee Sang-jun, who faced allegations of soliciting coin listings. The IPO is expected to accelerate internal joining efforts under the leadership of former Chairman Lee. Additionally, it emphasises the significance of trust-building for sustainable success in the crypto market.