Bithumb is preparing for a groundbreaking initial public offering (IPO) that aims to shake up the market against Upbit's dominant 85% share of the virtual asset industry.
Bithumb Korea is reportedly pursuing an IPO in the virtual asset exchange industry, aiming to disrupt Upbit's 85% market share.
This strategy could highlight the trust-focused approach that is seen as crucial to restoring Bithumb's leadership position in the Korean cryptocurrency exchange space.
The IPO is said to take place in the second half of 2025, with a focus on the listing of KOSDAQ and potential considerations for the KOSPI market under certain circumstances.
In the face of intense competition on virtual asset exchanges, Bithumb's decision to go public looks less like raising capital and more like restoring market confidence. The exchange has a history of scandals, some of which have led to regulatory scrutiny in South Korea.
Rearrangements
In preparation for the IPO, structural changes are taking place in the corporate echelons of Bithumb. Lee Jung Hoon, the previous chairman and major shareholder, marked his return to active management by joining the board of directors of Bithumb Holdings.
His reintegration as director is seen by some as evidence of his commitment to responsible leadership, especially since he himself has reportedly vowed to practice more responsible management.
The reshuffle also comes with the removal of Lee Sang Joon from the board of directors amid controversy surrounding coin listing proposals.
Jaewon Lee, CEO of Bithumb Korea and Bithumb Holdings, is now ready to steer the company toward an IPO under the leadership of former Chairman Lee.
Bithumb's silence on IPO specifics may reflect strategic caution. However, the underwriter's confirmation suggests the wheels are already in motion to usher in a new era of exchanges.