In a bid to reclaim its market prominence, South Korea’s Bithumb is charting a groundbreaking course with plans for its Initial Public Offering (IPO), setting the stage for a direct competition with Upbit, the current market leader boasting an 85% share.
Bithumb’s Pivotal IPO Plans
Bithumb Korea, the operational arm of Bithumb, has selected Samsung Securities as its underwriter, marking a significant move towards its IPO scheduled for the second half of 2025. While initially eyeing a KOSDAQ listing, the company remains open to transitioning to the KOSPI securities market, underscoring a commitment to bolster corporate governance and management transparency.
Leadership Reshuffle for Enhanced Market Position
Top 4 Korean Crypto Exchanges Market Share Including Bithumb and Upbit. Source: DeSpread
Bithumb‘s strategic transformation involves the reinstatement of Lee Jeong-hoon, the company’s former Chairman, as a registered director. This change in leadership is accompanied by an executive reshuffle, with Jaewon Lee now consolidating the CEO role, expected to spearhead the IPO initiative. The aim is clear – to regain the top spot in the market from Upbit by leveraging improved trust and reputation.
Rebuilding Public Image Amid Legal Challenges
Amid legal challenges earlier this year, Bithumb underwent a crucial restructuring. Founder Lee Jung-hoon emerged unscathed from a $70 million fraud trial related to BXA tokens. The Seoul Central District Court‘s ruling dismissing allegations played a pivotal role in stabilizing the company’s public image. As Bithumb progresses with its IPO plans, the focus is not only on financial growth but also on restoring trust within the market.