Bithumb Korea is planning to IPO in the second half of 2025.
The company has selected Samsung Securities as the underwriter.
The IPO is seen as an attempt to enhance corporate trust and regain the top spot in the market.
Bithumb Korea, the operator of Bithumb, a virtual asset exchange, is planning to IPO in the second half of 2025. The company has selected Samsung Securities as the underwriter. The IPO is seen as an attempt to enhance corporate trust and regain the top spot in the market.
In line with the IPO push, former Chairman Lee Jung-hoon, known as the largest shareholder, has returned to Bithumb Holdings, the holding company of Bithumb Korea, as a registered director. Lee Sang-jun, CEO of Bithumb Holdings, who is suspected of soliciting coin listings, has been excluded from the board of directors.
Bithumb Korea CEO to Lead Holding Company
Jaewon Lee, CEO of Bithumb Korea, who is trusted by former Chairman Lee, will hold the position of CEO of Bithumb Holdings concurrently. While the target listing date is set for the second half of 2025, Bithumb Korea is focusing on KOSDAQ listing. However, the possibility of changing the destination to the securities (KOSPI) market is open in some cases.
IPO Aims to Increase Market Trust and Transparency
Through this IPO, Bithumb Korea appears to be seeking to increase market trust in its exchange operations by improving governance and management transparency while receiving external verification of its internal control system. This is because the background behind the IPO appears to be distant from the purpose of raising funds.
According to this year’s Bithumb Korea semi-annual report, the company holds financial product assets worth more than 400 billion won. There is no need for external financing. Rather, the backdrop of the IPO is interpreted as the urgency that it will be difficult to regain the top spot in the market that was lost to Upbit if the market’s trust cannot be increased.
Overall, the IPO push has also prompted work to improve the corporate structure of Bithumb Korea. The return of former Chairman Lee Jung-hoon to the board of directors is seen as a move to strengthen responsible management and increase his control over the company. This is expected to help Bithumb Korea prepare for a successful IPO in 2025.
Source: https://coinpedia.org/news/bithumb-korea-to-ipo-in-2025-in-bid-to-enhance-trust-and-regain-market-supremacy/