Cryptocurrency trading Bithumb intends to go official on the SK stock exchange as the first firm focused on digital assets. On November 12, the local news source Edaily revealed that Bithumb was preparing for an IPO on the Kosdaq, which is South Korea’s equivalent of the Nasdaq in the US. The planned listing date is scheduled for possibly in the latter part of 2025.
Although Bithumb refused to say if the IPO would proceed, it did acknowledge that it had just chosen an underwriter—a firm that is usually entrusted with ensuring the financial stability of another—before a company goes public. Daily reports that Bithumb selected Samsung Securities to be one of its possible IPO underwriters.
Bithumb Former Chairman Rejoins The Company
According to those with knowledge of the situation, L Jeong-hoon, the former chairman of the exchange, has rejoined the company as a registered director. A position on the board of directors was denied to CEO L Sang-jun in the meanwhile because of an ongoing probe into possible bribery.
Furthermore, according to the sources, the exchange’s decision to go official was motivated by a desire to maintain its market dominance against Upbit, the biggest cryptocurrency exchange in SK. Upbit is now the leading cryptocurrency exchange in SK, with the exchange trailing far behind in terms of everyday trading volume. For the first time, Upbit’s monthly trading volumes exceeded those of Binance and Coinbase in July. When SK authorities raided the offices of Upbit and Bithumb in May, it was because of allegations of fraudulent cryptocurrency doing business for a local legislator. This incident brought unwanted attention to both companies.