Bithumb plans to become the first crypto exchange listed on the Korean stock market: report
Crypto exchange Bithumb plans to become the first digital asset company to go public on the South Korean stock market.
Local news outlet Idaily reported on November 12 that Bithumb is set to list on KOSDAQ – South Korea's version of the US Nasdaq – with an expected listing date of the second half of 2025.
Bithumb declined to confirm whether the IPO was going ahead, but admitted that they had recently appointed an underwriter, a company tasked with guaranteeing the financial security of another company before it goes public. Bithumb has chosen Samsung Securities as its EPO office, according to iDaily.
Bithum's former chairman Lee Jeong-hoon has returned to Bithum as a registered director, sources familiar with the matter said. Meanwhile, CEO Lee Sang-joon was removed from the board of directors amid a bribery investigation.
Additionally, the sources said that Bithumb went public because it did not want to give up more market share to Upbit – the largest crypto exchange in South Korea.
Related: Bithumb's biggest shareholder executive found dead following money laundering allegations
Bithumb is currently the second largest crypto exchange in South Korea by daily trading, a distant second to Upbit. In July, Upbit's monthly trading volume surpassed Coinbase and Binance for the first time.
Both Apbit and Bitumb came under unwanted attention in May when South Korean authorities raided their offices on behalf of the local legislature over fraudulent crypto trading.
In February, Kang Jong-hyun, one of Bithum's largest shareholders – and the alleged “real owner” – was arrested on corruption charges following a lengthy police investigation into his illegal behavior.
Jong-hyun, 41, is the older brother of Kang Ji-yoon, head of Bithumb affiliate Inbiogen. The company also holds the largest stake in Vidente Vidente, the largest shareholder of Bithumb with a 34.2% stake.
Bithumb was founded in
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