Bithumb to Reorganize and Pursue IPO on South Korea’s Kosdaq
Bithumb, the leading South Korean cryptocurrency exchange, is restructuring its operations in preparation for an initial public offering (IPO), with filings indicating a major corporate split.
The company will separate into two entities: Bithumb Korea, which will focus exclusively on running the core crypto exchange, and Bithumb A, a newly formed subsidiary that will manage the company’s venture investments, asset management, and new business ventures. The split will take effect on July 31, and Bithumb Korea is the entity set to seek a public listing on South Korea’s Kosdaq stock exchange, with a U.S. IPO remaining a secondary goal.
Bithumb A will absorb key subsidiaries, including Bithumb Partners, which has pivoted from Web3 and NFT projects toward more conventional financial assets like stocks, bonds, and convertible securities. The company is also in talks with licensed South Korean entities to expand its service offerings.
In terms of financial performance, Bithumb made a strong recovery in 2024, posting an operating profit of 130.8 billion won (~$95 million) after a loss of 149 billion won the previous year.
