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Reports from South Korea indicate that Bithumb, a key player in the nation’s cryptocurrency exchange market, is considering a public offering in 2025. This move is part of Bithumb’s strategy to challenge the dominance of Upbit, which currently commands a significant portion of the market.

Bithumb’s Ambition: Aiming for Kosdaq Debut with Samsung Securities as Lead Advisor

As per the South Korean publication Edaily, Bithumb is preparing for an initial public offering (IPO) by 2025. This development, as reported by journalist Yoo Kyung Lim, is part of Bithumb’s broader plan to surpass Upbit, which currently dominates with an 85% market share. Lee Jung-hoon’s return to Bithumb’s board, emphasizing improved governance, underscores this ambition.

Bithumb has engaged Samsung Securities to oversee its IPO efforts, signaling the commencement of the process. The company, aiming for a Kosdaq debut, declined to comment on these developments. Its recent financial statements show assets totaling 400 billion won (approximately $303.56 million). It’s also been noted that former board representative director Sangjun Lee has been removed from his position.

In the last 24 hours as of November 12, 2023, Bithumb reported a spot trading volume of $658.58 million, contrasting with Upbit’s much higher volume of $3.98 billion. To support its public listing goal, Bithumb is revamping its business operations.

The report concludes by emphasizing the potential impact of Bithumb’s IPO in the South Korean market. With Lee Jung-hoon at the helm, the company is expected to undergo significant internal restructuring to facilitate a successful public offering. The report also notes the presence of a ‘kimchi premium’ in the BTC prices on Upbit and Bithumb, where the local rates in South Korea were over $350 higher than global averages.

What are your views on Bithumb’s planned IPO on Kosdaq? Share your perspectives on this development in the comments section below.

Frequently Asked Questions (FAQs) about Bithumb IPO

What is Bithumb planning for 2025?

Bithumb, a leading cryptocurrency exchange in South Korea, is planning to pursue an initial public offering (IPO) by 2025. This strategic move is aimed at challenging the market dominance of Upbit, which currently holds an 85% share of the country’s cryptocurrency trading market.

Who has Bithumb chosen as its fund manager for the IPO?

Bithumb has appointed Samsung Securities as its fund manager for the upcoming IPO. This partnership is a significant step in Bithumb’s preparations for its public listing on the Kosdaq stock exchange.

What is the current market position of Bithumb compared to Upbit?

As of November 12, 2023, Bithumb recorded a spot trading volume of $658.58 million over the past 24 hours, whereas Upbit reported a significantly higher volume of $3.98 billion. This disparity highlights the current market dominance of Upbit and the competitive challenge Bithumb faces.

What changes is Bithumb undergoing in preparation for its IPO?

In preparation for its IPO, Bithumb is undergoing a business overhaul. This includes strengthening its governance structure, as evidenced by Lee Jung-hoon’s return to the board, and internal restructuring to streamline operations for a successful public offering.

What significance does Bithumb’s IPO hold for the South Korean cryptocurrency market?

Bithumb’s IPO is poised to set a precedent in the South Korean cryptocurrency market. It represents a major development in the competitive landscape of the industry, with the potential to alter the current dominance of Upbit. The successful listing of Bithumb on Kosdaq would be a significant milestone for the crypto market in South Korea.

More about Bithumb IPO

  • Bithumb’s IPO Strategy
  • Samsung Securities and Bithumb Partnership
  • South Korea’s Crypto Trading Market
  • Bithumb vs. Upbit Market Analysis
  • Bithumb’s Financial Health and IPO Preparations
  • Cryptocurrency Trends in South Korea

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4 comments

MarketWatcher21 November 13, 2023 - 10:37 pm

The ‘kimchi premium’ is always fascinating to observe in these reports, shows the unique dynamics of the South Korean crypto market!

Reply
SeoulFinancier November 14, 2023 - 5:45 am

Samsung Securities backing Bithumb is a strong sign, definitely a game changer for the Korean crypto scene, keen to see how this plays out.

Reply
Jenny_Trades November 14, 2023 - 7:19 am

Interesting move by Bithumb, but are they ready for it?? Their trading volume is way less than Upbits, what’s their strategy here??

Reply
CryptoKing45 November 14, 2023 - 8:08 am

wow, Bithumb going for IPO, thats big news! Wonder how it’ll shake up the market, esp with Upbit being so dominant right now.

Reply

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