Crypto Giant Bithumb Eyes NASDAQ Listing, Open to Global IPO Options

South Korean cryptocurrency exchange giant Bithumb is reportedly exploring the possibility of listing on the US NASDAQ, as discussed during a shareholder meeting on Monday.

The company has indicated that it is open to considering “all possibilities” on where to launch its initial public offering (IPO).

Bithumb looks beyond KOSDAQ

The Korea Economic Daily revealed the latest details on September 30, less than a year after it was first reported that Bithumb was preparing for an IPO. Samsung Securities was selected as the underwriter responsible for drafting the prospectus, a detailed legal document describing the IPO.

Initial speculation had suggested that Bithumb would list on KOSDAQ, South Korea’s equivalent of the US Nasdaq, in the latter part of 2025. However, the company’s recent statements suggest a shift in focus towards international options.

A Bithumb official was quoted as saying:

“As for the list, all possibilities are open, not only domestically but also abroad.”

Bithumb has yet to officially comment on the matter.

Declining income and leadership controversy

The company’s IPO plans had recently hit a snag following an internal strategy review, with officials pointing to controversies surrounding former chairman Lee Jeong-hoon as a factor to contribute

CryptoPotato also reported that Bithumb Korea’s 2023 fiscal year was marked by a sharp decline in revenue and net profit despite an increase in trading volume.

Revenue fell 57% from 3.201 billion won in 2022 to 1.358 billion won in 2023, while net profit fell 74.5% to 243 billion won.

The decline was attributed to falling cryptocurrency prices and Bithumb’s fee-free trading policy, which was introduced in the fourth quarter. However, Bithumb continued to expand its presence in South Korea, achieving record Bitcoin trading volumes, surpassing rival Upbit and reaching a peak market share of 72% by early 2023.

Data from CoinMarketCap shows that Bithumb is currently the second largest cryptocurrency trading platform in South Korea, with a 24-hour trading volume of over $666 million. Meanwhile, Upbit’s daily trading volume is around $2 billion.

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