Bithumb Eyes Nasdaq Itemizing After Dropping KOSDAQ IPO

• Bithumb is reviewing plans to checklist on the US Nasdaq in 2024.
• The corporate will cut up its enterprise divisions to streamline its digital asset operations.
• Bithumb is rebranding to strengthen its company identification forward of the IPO.

Bithumb, certainly one of South Korea’s main cryptocurrency exchanges, is contemplating a US Nasdaq itemizing, in line with native information. At a shareholders’ assembly held on the thirtieth, the trade mentioned it’s reviewing its itemizing choices, with a possible preliminary public providing (IPO) deliberate for the second half of 2024. Samsung Securities would be the lead supervisor for the IPO.

To enhance its probabilities of a profitable itemizing, Bithumb plans to streamline its operations by splitting its human assets division to boost the brand new enterprise division by specializing in its core digital asset trade enterprise. The trade might identify the separate entity Bithumb A or Bithumb Funding. This new division will handle holdings, investments, and actual property brokerage actions.

Earlier, Bithumb had tried to checklist on South Korea’s KOSDAQ market in 2020, however dropped the initiative as a result of unclear rules surrounding digital property. A Bithumb consultant mentioned the trade is holding all choices open for its IPO.

Learn additionally: South Korea to Sort out Crypto Insider Buying and selling with Authorized Modification

Bithumb’s IPO Gambit and Authorized Hurdles

Business insiders imagine Bithumb might have higher success itemizing abroad. South Korea’s monetary authorities don’t acknowledge digital property as monetary merchandise, limiting Bitcoin ETFs within the nation. The US Nasdaq already lists Coinbase, making it a horny choice for Bithumb.

Learn additionally: Bithumb’s Financial institution Swap Below Evaluation by South Korean Regulator

On the shareholders’ assembly, Bithumb additionally accredited a reputation change for its company entity. The corporate, beforehand referred to as Bithumb Korea, will now be known as Bithumb.

That mentioned, Bithumb’s potential Nasdaq itemizing comes as its ex-CEO, Lee Sang-joon, faces allegations in a crypto itemizing scandal. The scandal raises considerations about Bithumb’s governance, which might influence investor confidence throughout its IPO.

Whereas Bithumb is pushing for world growth, regulatory and reputational dangers might have an effect on their plans. This backdrop of controversy might affect how the market reacts to their IPO.