Bithumb to Split in 2 as Crypto Exchange Inches Toward South Korean IPO

Bithumb, a cryptocurrency exchange based in Seoul, is reorganizing its operations in anticipation of going public. The company will split into Bithumb Korea and a new entity named Bithumb A, with Bithumb Korea focusing on the exchange business for the IPO and Bithumb A managing investments and new ventures. The restructuring is scheduled to be completed by July 31, with plans to list on South Korea’s Kosdaq exchange before considering a U.S. listing. Bithumb saw a significant operating profit in 2024 after experiencing losses the previous year.

In preparation for its IPO, Bithumb is undergoing strategic changes by dividing its operations. Bithumb Korea will handle the core crypto exchange business for the public listing, while the newly established Bithumb A will oversee investments, asset management, and new business initiatives, with implementation expected by the end of July.

Bithumb A will consolidate the exchange’s investment activities, including ventures like Bithumb Partners, which has shifted its focus to financial products such as equities and bonds. Discussions are ongoing with licensed entities to offer these services in the market. Moreover, Bithumb Investment, responsible for equity management and partnerships, will now be under the management of Bithumb A.

Initially eyeing a NASDAQ listing, Bithumb has adjusted its strategy to prioritize listing on South Korea’s Kosdaq exchange, with a U.S. listing as a secondary objective. The company’s financial performance has been notably positive, showing an operating profit of 130.8 billion won ($95 million) in 2024, a significant improvement from the previous year’s losses.

Sam Reynolds, an experienced Asia-based journalist, offers insights into Bithumb’s developments and the broader cryptocurrency industry landscape. With a background in award-winning journalism and analytical roles, he is a valuable source of information in the financial sector. For further updates and analysis, interested parties can contact Sam Reynolds through the provided information.