Korean crypto exchange Bithumb eyes Nasdaq listing in 2025: report

Crypto exchange Bithumb is pursuing its initial public offering on the Nasdaq exchange in the US and aims to list in the second half of next year.

Bithumb, one of South Korea’s largest crypto exchanges, is reportedly considering going public in the US as it aims to list on Nasdaq in the second half of 2025, according to a Korea Economic Daily report. At the shareholders’ meeting, the company reportedly confirmed the plan and revealed that it was actively pursuing an IPO, with Samsung Securities as the lead underwriter.

In March, Bithumb decided to split 60:40 institutional shares, aiming to boost IPO hopes by focusing on its core crypto exchange business. According to the report, the newly formed entity, tentatively named Bithumb Korea or Bithumb Investment, will take over non-core activities such as investment and real estate rental.

This move is expected to sharpen Bithumb’s focus on the exchange while also separating its other business units to increase valuation.

Bithumb is preparing for plan B

This isn’t Bithumb’s first attempt to go public. The exchange had previously explored a Kosdaq listing in 2020 but halted the process due to unclear regulations and accounting standards for cryptocurrencies.

While South Korea’s regulatory environment remains unfavorable for crypto-related financial products such as Bitcoin exchange-traded funds, Bithumb may find a more favorable environment in the US, where another crypto exchange, Coinbase, is already listed on Nasdaq.

In early April, Bithumb reported an operating loss of $11 million for fiscal 2023, citing a sharp decline in revenues and a no-fee policy implemented in the fourth quarter. Annual revenue for 2023 was $100.6 million, a 58% decrease compared to the previous year.