Bithumb Plans IPO In Korea, Eyes Top Spot in Local Market
Cryptocurrency exchange, Bithumb is keen on becoming the first industry-related company to get listed on the Korean Securities Dealers Automated Quotations (KOSDAQ).
According to reports from local news outlet Edaily, the exchange has made concrete plans including hiring staff and onboarding traditional firms to facilitate the public listing in the market.
Sources familiar with developments say the company targets 2025 as the expected year of the listing with expectations to become the biggest digital asset exchange in the country by trading volume setting the stage for wider markets.
In line with the vision, the largest shareholder and its former Chairman Lee Jeong-hoon who established Bithumb Holdings has returned to the board of directors to offer a sense of deepened confidence to the management team.
Although the company declined to confirm the reported plans of the planned public listing, it affirmed the appointment of an underwriter. “It is true that we have selected an underwriter.”
Last month, the company picked Samsung Securities as the underwriter to facilitate the initial public offering by vetting the financial security of the company alongside other responsibilities.
The company seeks to improve public trust in the crypto market in the wake of recent hacks in industry collapses this year totaling millions of dollars. Opening up its operations to external validators is a way to calm skeptics as it plans to take over the market share of competitors in the coming months.
Observers believe the news for an IPO is not hinged on external financial requirements as the company holds assets of more than 400 billion won a huge transaction data and substantial revenues.
As plans ramp up for the listing on KOSDAQ, Jeong-hoon’s
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