Benzinga - South Korea-based crypto exchange Bithumb announced its plan to go public, eyeing an Initial Public Offering (IPO) in the second half of 2025.
This significant development arrives as the industry looks forward to discussions at Benzinga's Future of Digital Assets conference on Nov. 14, where similar market advancements are expected to be a focal point.
Bithumb’s IPO Endeavor Bithumb Korea selected Samsung Securities last month as the lead underwriter for its IPO, setting an ambitious target to list on the KOSDAQ by the second half of 2025, a local news outlet reported.
This decision marked a strategic effort to regain market dominance, currently led by Upbit, which has about 85% of the market share.
The move was interpreted as an attempt to enhance corporate trust and credibility in a market increasingly influenced by reputation and regulatory compliance.
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Enhancing Trust and Transparency The IPO is seen as a step towards improving Bithumb's governance structure and operational transparency.
Quoting anonymous persons, the report stated Bithumb Korea aimed to bolster market confidence in its exchange operations through this public listing.
Interestingly, the drive for the IPO seems less about fundraising, as the company reportedly possessed financial assets exceeding 400 billion won, but more about elevating market trust.
Corporate Restructuring and Leadership Changes Aligning with the IPO plans, Bithumb was also undergoing corporate restructuring.
Former Chairman of Bithumb Korea and Bithumb Holdings Lee Jung-hoon returned as a registered director of Bithumb Holdings.
This change also led to the exclusion of Bithumb Holdings CEO Lee Sang-jun from the board amidst coin listing solicitation allegations.
Bithumb Korea CEO Lee Jae-won, who is trusted by former Chairman Lee, will concurrently hold the CEO position of Bithumb Holdings, indicating a strategic consolidation of leadership for the impending IPO.
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