The South Korean cryptocurrency exchange, Bithumb, has reasserted itself in 2024 by capturing close to 25% of domestic trading volumes. The firm moved up from a single-digit market share in 2023, which is an aggressive jump within one year alone.
Robust marketing activities and quality of service restored most of its lost users from its main competitor, Upbit. Founded in 2014 as Xcoin, Bithumb dominated early cryptocurrency trading in South Korea before it hit troubles. Following the $30 million hack it sustained in 2018, the exchange gradually lost market share to Upbit.
That platform expanded rapidly by partnering with Kbank, providing digital onboarding and more streamlined user experiences. Bithumb’s downfall provided Upbit an opportunity to rule most of the domestic market. Bithumb invested 192 billion won in marketing in 2024 alone, up from 16 billion won in 2023, which facilitated speedy recovery.
Kaiko data indicate that the company hit 36% market share in January of this year before stabilizing at 25% in recent times. This dramatic shift is challenging Upbit’s dominance in a market where just two major players now operate.
Bithumb targets a Billion-Dollar IPO listing
Bithumb is preparing for a $1 billion public listing by the end of 2025, with Samsung Securities as lead underwriter. The firm intends to list on South Korea’s KOSDAQ exchange and also intends to list on NASDAQ.
In an effort to facilitate this, Bithumb has unbundled its core businesses into smaller entities, as evidenced by the July 2025 spin-out of NYC 5G (Bithumb A). Regulators remain vigilant about Bithumb as South Korea has stringent standards for cryptocurrency companies.
In the beginning of 2025, more than 400 accounts were marked as suspected violators of Know Your Customer (KYC) norms. Despite pressure on the company, its enhanced financial well-being and strategic maneuvers help to restore public and investor confidence.
Bithumb’s revival is an indication of an increasingly competitive crypto market in Korea following years of Upbit’s monopoly. The months ahead will show whether such growth is sustained as the IPO deadline draws near and issues of regulation still prevail.
