- September 30, 2024
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
Bithumb, South Korea’s second-largest crypto exchange, has announced plans to pursue a potential public listing in the United States at a Sept. 30 shareholders meeting, local media outlet Dnews reported.
The exchange stated its intention to consider a Nasdaq listing in the second half of 2025. To support its initial public offering (IPO), Bithumb has appointed Samsung Securities as its primary underwriter.
In March, Bithumb established a new entity called Bithumb Investment, aiming to bolster its digital asset exchange business and enhance its prospects for a successful IPO. This new venture will oversee the firm’s investment and real estate brokerage divisions.
This planned IPO follows Bithumb’s unsuccessful attempt to list on Korea’s KOSDAQ market in 2020, which was abandoned due to a lack of clear regulations and accounting standards for digital assets.
A Bithumb official reportedly commented on the company’s listing strategy, emphasizing that all options remain viable. The official explained that the firm may consider both domestic and international markets, including the United States.
Bithumb did not immediately respond to a CryptoSlate’s request for additional comment as of press time.
Currently, Bithumb holds approximately 10% to 20% of South Korea’s crypto market, with a spot trading volume of nearly $650 million in the last 24 hours, according to CoinMarketCap data. In the first quarter of 2024, the exchange reported earnings of 62.1 billion won, reflecting a 283% increase compared to the previous year.
Crypto firms going public
If Bithumb follows through with its plan, it will join an exclusive list of crypto firms going public in the US. In 2021, Coinbase went public on the Nasdaq through a direct stock listing.
Earlier this year, stablecoin issuer Circle initiated plans to go public. Additionally, reports suggest that Ripple intends to pursue a public listing.
Market observers believe these moves solidify crypto’s status as a legitimate asset class that continues to gain global traction.
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