Korean crypto exchange Bithumb eyes Nasdaq listing in 2025: report

Crypto exchange Bithumb is pursuing an initial public offering on the Nasdaq stock exchange in the U.S., aiming for a listing in the second half of next year.

Bithumb, one of South Korea’s largest crypto exchanges, is reportedly considering going public in the U.S. as it targets a Nasdaq listing by the second half of 2025, according to a Korea Economic Daily report. At a shareholders’ meeting, the company reportedly confirmed the plan, revealing that it is actively pursuing an IPO with Samsung Securities as the lead underwriter.

In March, Bithumb decided on a 60:40 corporate share split, aiming to boost its IPO prospects by focusing on its core crypto exchange business. The newly formed entity, tentatively named Bithumb Korea or Bithumb Investment, will take over non-core activities such as investment and real estate leasing, according to the report.

This move is expected to sharpen Bithumb’s focus on the exchange while spinning off other business units to enhance valuation.

Bithumb gears up for plan B

This is not Bithumb’s first attempt to go public. The exchange previously explored a Kosdaq listing in 2020 but halted the process due to unclear regulations and accounting standards for cryptocurrencies.

While South Korea’s regulatory landscape remains unfavorable for crypto-related financial products, such as Bitcoin exchange-traded funds, Bithumb may find a more accommodating environment in the U.S., where Coinbase, another crypto exchange, is already listed on Nasdaq.

In early April, Bithumb reported an operating loss of $11 million for fiscal year 2023, citing a sharp decline in revenue and a fee-free policy implemented in the fourth quarter. Annual revenue for 2023 came in at $100.6 million, down 58% from the previous year.