Bithumb aims to be the first cryptocurrency exchange listed on the Korean stock

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22 Jan 2024

In a significant development for the cryptocurrency industry, South Korean exchange Bithumb is reportedly gearing up to become the first digital asset company to go public on the country’s stock market. While the exchange has not officially confirmed its plans for an initial public offering (IPO), local reports indicate that Bithumb has taken steps in that direction, including the selection of an underwriter. The move could mark a milestone for the crypto space, positioning Bithumb on the KOSDAQ, South Korea’s equivalent of the Nasdaq, with an anticipated listing date in the second half of 2025.

Selection of Underwriter and IPO Preparations:

Although Bithumb has not made a formal announcement regarding the IPO, the exchange has reportedly chosen Samsung Securities as its potential underwriter. The underwriter plays a crucial role in ensuring the financial stability of a company before it goes public. Bithumb’s decision to select Samsung Securities suggests a strategic move towards establishing its presence in the traditional financial markets.

Key Personnel Changes:

The report also notes key personnel changes within Bithumb. Former chairman Lee Jeong-hoon has returned to the exchange as its registered director, signaling potential strategic shifts within the company. Concurrently, CEO Lee Sang-jun has been excluded from a position on the board of directors due to an ongoing investigation into alleged bribery. These changes highlight the evolving dynamics within Bithumb as it navigates its path towards a possible IPO.

Market Dynamics and Competition with Upbit:

Insiders suggest that Bithumb’s decision to go public is motivated, in part, by the desire to maintain and expand its market share, particularly in the face of competition from Upbit. Upbit currently holds the position of the largest crypto exchange in South Korea, surpassing both Coinbase and Binance in monthly trading volumes earlier this year. Bithumb, as the second-largest exchange in the country, is looking to secure its position and potentially gain an edge through its public listing.

Challenges and Regulatory Scrutiny:

Both Bithumb and Upbit have faced regulatory scrutiny, with South Korean authorities raiding their offices in May over allegations of fraudulent crypto trading on behalf of a local lawmaker. Such challenges underscore the regulatory landscape that crypto exchanges navigate, adding an additional layer of complexity to their strategic decisions.

Conclusion:

Bithumb’s claimed ambitions to become the first cryptocurrency exchange listed on the Korea Stock Exchange represent a major step forward for the cryptocurrency industry. The market is waiting for official confirmation and specifics about the IPO, which could have far-reaching repercussions for how digital asset businesses are perceived and integrated into traditional financial markets. Bithumb’s path to an IPO exemplifies the growing nature of the crypto market and its efforts to integrate the crypto and traditional finance worlds. Investors and industry observers will surely keep a close eye on the progress of this ground-breaking effort.
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Written by Shantanu Gupta

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