South Korea’s crypto giant Bithumb eyes the US stock market. The exchange announced its plans to pursue a Nasdaq listing at a recent shareholder meeting while targeting the second half of 2025 for its likely debut.
As per the reports, the move comes as Bithumb, commanding a 10-20% market share in South Korea, seeks to expand its global footprint. Samsung Securities has been tapped as the lead underwriter for the initial public offering (IPO) process.
Bithumb’s listing ambitions aren’t new. The company previously flirted with a KOSDAQ listing in 2020 but abandoned the plan due to regulatory hurdles. Now, with clearer guidelines in place, the exchange is casting a wider net.
“We’re keeping all options open, both domestic and international,” a Bithumb spokesperson stated, hinting at the company’s flexible approach.
Skepticism surrounding Bithumb’s local listing viability
Industry insiders, however, remain skeptical about a local listing. One expert noted that The lack of Bitcoin ETFs in Korea and the financial authorities’ stance on crypto assets make an overseas listing more likely.
Bithumb isn’t just eyeing Wall Street. The company is also streamlining its operations. A recent decision to split its workforce aims to sharpen focus on its core virtual asset exchange business. The spin-off, tentatively named Bithumb A or Bithumb Investment, will handle holding company duties, investments, and real estate brokerage.
Meanwhile, shareholders greenlit a corporate name change from Bithumb Korea to simply Bithumb. This rebranding effort, following a 2019 shift from BTC Korea.com, seeks to boost brand recognition by aligning the company and service names.
The potential Nasdaq listing would place Bithumb in the company of industry leader Coinbase, which went public in 2021. This move could provide the Korean exchange with increased visibility and access to global capital markets, potentially fueling further expansion.
However, Bithumb’s US listing aspirations reflect the growing maturity of the industry. Whether this bold move pays off remains to be seen, but it’s clear that South Korea’s second-largest crypto exchange is thinking big.
