JAKARTA - Bithumb, one of the largest crypto exchanges in South Korea, is preparing to conduct an initial public offering (IPO) in 2025. This crypto exchange has ambitions to increase its market share and compete with its domestic rivals, Upbit.
This was revealed by South Korean business media, Edaily, who reported that Bithumb plans to go public in the second half of 2025. The crypto exchange has appointed Samsung Securities, its subsidiary of the Samsung Group, as its IPO underwriter. However, Bithumb has not officially announced its IPO plans.
According to Edaily, the main reason Bithumb wants to go public is not to get funds, but to increase public reputation and trust in crypto exchanges.
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The crypto exchange also wants to pursue Upbit, South Korea's largest crypto exchange and number 11 in the world based on daily trading volume at the level of IDR 57.9 trillion, according to CoinMarketCap data. Bithumb itself is ranked 13th in the world with daily transaction volumes reaching IDR 14.2 trillion.
With an IPO, Bithumb hopes to attract more users and expand market reach. The crypto exchange is also reshuffling management, with former chairman Lee Jeong-hoon re-appointed as director.
Bithumb is a crypto exchange founded by Lee Jeong-hoon in 2014 in South Korea. Lee Jeong-hoon previously worked in finance and technology. Bithumb offers crypto exchange and wallet services for various crypto assets, such as Bitcoin, Ethereum, Ripple, and others.
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