Bithumb Korea plans IPO to problem Upbit's dominance

SEOUL – Bithumb, South Korea’s second-largest cryptocurrency change, is laying the groundwork for an preliminary public providing (IPO) on the KOSDAQ market, with a possible shift to the market being thought of as properly. The change, which holds a market share of roughly 10%, is setting its sights on regaining market supremacy from Upbit, which at the moment dominates with an 85% share.

In preparation for the IPO, Bithumb has lately undergone important modifications in its management construction. The corporate reinstated ex-Chairman Lee Jung-hoon as a registered director at Bithumb Holdings. In the meantime, CEO Lee Sang-jun was faraway from the board amid accusations of soliciting coin listings. The CEO obligations at Bithumb Holdings will now be collectively managed by Jaewon Lee, who additionally serves because the CEO of Bithumb Korea.

This transfer comes alongside Bithumb’s strategic efforts to reinforce governance and administration transparency. With monetary belongings totaling over 400 billion received, the change is in a powerful place, because it doesn’t require exterior capital to fund its operations.

As a part of its IPO technique, Bithumb has partnered with Samsung (KS:) Securities to function the underwriter. This resolution aligns with their intention to strengthen their market place and rebuild belief following previous scandals and regulatory challenges.

The IPO is scheduled for the second half of 2025 and represents an important step in Bithumb’s plan to problem Upbit’s present market management. The institution of Bithumb Holdings and the choice of an underwriter are indicative of the corporate’s dedication to accountable administration and long-term progress aims.

This text was generated with the help of AI and reviewed by an editor. For extra info see our T&C.