South Korean Crypto Exchange Bithumb Eyes IPO in Move to Challenge Upbit’s Market Dominance

Local reports suggest that Bithumb, a salient crypto speech successful South Korea, is contemplating a nationalist listing successful 2025. Insider accusation indicates that Bithumb is considering a debut connected Kosdaq and mightiness modulation to the Korea Exchange (KOSPI) level successful the future.

Bithumb Targets Kosdaq Listing; Chooses Samsung Securities arsenic Its Fund Manager

According to Edaily, a South Korean quality outlet, Bithumb could prosecute an archetypal nationalist offering (IPO) by 2025. Yoo Kyung Lim, a journalist, noted that the exchange’s imaginable IPO strategy is seen arsenic an ambitious effort to surpass Upbit’s marketplace supremacy.

Upbit presently holds an 85% stock of South Korea’s cryptocurrency trading market. The briefing highlights Lee Jung-hoon’s comeback arsenic the large stakeholder connected Bithumb’s board, with a absorption connected fortifying the firm’s governance.

Sources adjacent to the concern uncover that Bithumb has appointed Samsung Securities arsenic its money manager, with IPO preparations already underway. The speech aims for a Kosdaq listing, yet Bithumb chose not to remark to Edaily connected these developments.

According to its second-quarter financials, Bithumb possesses assets worthy 400 cardinal won, equivalent to $303.56 million. Furthermore, it’s been reported that Sangjun Lee, Bithumb’s erstwhile committee typical director, was ousted.

Bithumb has recorded a spot trading measurement of $658.58 million implicit the past 24 hours connected November 12, 2023, whereas Upbit has notched a measurement sixfold higher astatine $3.98 billion. As portion of its strategy to spell public, Bithumb is undergoing a concern overhaul.

The study concludes that the crypto firm’s IPO volition acceptable a precedent successful the nation, with Lee Jung-hoon poised to escalate his power to guarantee a palmy IPO and spearhead the company’s interior streamlining. On Sunday, spot BTC prices astatine Upbit and Bithumb exhibited a ‘kimchi premium,’ with South Korea’s BTC pricing exceeding planetary rates by implicit $350.

What bash you deliberation astir Bithumb contemplating going nationalist connected Kosdaq? Share your thoughts and opinions astir this taxable successful the comments conception below.