South Korean Crypto Exchange Bithumb to Go Public in 2025

South Korean crypto exchange Bithumb is preparing for an initial public offering (IPO) on the Kosdaq, a trading board of Korea Exchange (KRX) in South Korea, and is expected to go public in the second half of 2025.

Bithumb has selected Samsung Securities as its manager for IPO at the end of October, according to a local media report. People familiar with the matter said that the listing was aimed at gaining more market share in the country,

Upbit, Bithumb, Coinone, and Korbit are the four major cryptocurrency exchanges in South Korea, with Upbit accounting for nearly 80% of the trading volume in the country's cryptocurrency market. Bithumb, the second largest participant in this market, accounts for 15% to 20% of the trading volume. Coinone's market share is between 3% and 5%, while Korbit's is less than 1%.

As of the first half of 2023, Bithumb holds over 400 billion won ($302 million) in financial product assets. A spokesman from Bithumb emphasized that the IPO was not to raise funds, but to enhance market trust in its operations by undergoing a verification process to ensure its soundness in corporate governance, management transparency and internal control systems.

The spokesman said: "Many people have doubts about cryptocurrency exchanges because they perceive them as not being transparent." Becoming the first crypto exchange to enter the "regulatory framework" would help it gain market trust.

As part of the IPO drive, Lee Jung-hoon​, former chairman of Bithumb and Bithumb Holdings, has returned to Bithumb Holding's board as its registered director. Bithumb Holdings holds a 73.56 percent stake in Bithumb and Lee is the de facto biggest shareholder of this holdings company. Lee Jung-hoon was previously accused of fraud but was later acquitted.

Separately, Bithumb Holdings CEO Lee Sang-jun was excluded from a place on the board of directors due to an ongoing investigation into alleged bribery. Industry insiders view this decision as an effort to minimize legal risks in preparation for the IPO.

The new CEO of Bithumb Holdings, Lee Jae-won, will take a leading role in spearheading efforts for Bithumb's successful IPO.