Bithumb, the South Korean cryptocurrency exchange, is seeking to expedite its plans for an initial public offering (IPO) as the bullish trend in the crypto market persists.

According to Hanguk Kyungjae, Bithumb aims to fast-track its intended listing on the KOSPI, the primary stock market index of South Korea. The exchange is looking to accelerate the process in order to capitalize on the current market conditions.

Bithumb, the prominent South Korean cryptocurrency exchange, is taking decisive actions towards its much-anticipated initial public offering (IPO).

According to reports, Bithumb, the South Korean cryptocurrency exchange, has announced its intention to separate its holdings operations into a new company named Bithumb Investment. A regulatory filing document was published on March 22, outlining the company’s plans for the spin-off.

Under this arrangement, Bithumb Investment will assume control over Bithumb’s holdings, investments, and real estate operations. On the other hand, the entity currently known as Bithumb Korea will focus on managing the crypto trading platform.

The company is proposing to distribute shares in Bithumb using a 6:4 ratio and will present this plan to shareholders during a meeting scheduled for May 10. If approved, Bithumb Investment is expected to officially launch on June 13.

Shareholders will reportedly be informed that they will receive new shares in the new corporation based on the proportion of their existing shares in Bithumb. Notably, the company did not address ongoing legal cases, including an investigation into alleged market manipulation involving the elusive “real” owner of Bithumb. Instead, it appears that the company aims to distance itself from such matters and position the success or failure of the IPO based on its core exchange business.

Could Bithumb Bring Forward its Listing Plans?

In recent months, Bithumb has experienced significant growth in its business operations. The company implemented commission-free trading as a strategy to regain market share from its main competitor, Upbit.

South Korea, known for its enthusiasm towards cryptocurrencies, has witnessed a retail Bitcoin (BTC) trading resurgence, leading to increased trading volumes. However, the number of platforms in the country with licenses for fiat-crypto trading remains limited.

Bithumb hopes that the spinoff of its holdings operations into a separate entity will enhance the chances of a successful IPO launch. By creating a company focused on the exchange business, the exchange believes it can pursue new ventures outside of its core operations without being constrained by the IPO process.

According to a Bithumb spokesperson, this move is expected to improve efficiency and drive the growth of the exchange operations through separate ownership models.

Previously, Bithumb had expressed its intention to debut on the KOSPI in 2025. With the recent spinoff, there is a possibility that the exchange could expedite its listing process.

Regardless of the timing, Bithumb is likely to become the first South Korean trading platform to go public, indicating a favorable outcome for its IPO bid.

Dunamu, the operator of Upbit, is reportedly considered too large to make its debut on the KOSPI, the primary stock market index in South Korea. Previous discussions about a potential Dunamu listing on the New York Stock Exchange (NYSE), following in the footsteps of Coinbase, stalled during the bear market in 2022.

Another Upbit-related entity, K Bank, is planning to pursue its own IPO bid. K Bank offers fiat on/off ramp-style banking services specifically tailored for Upbit customers. This partnership has led to a significant increase in K Bank’s user ba

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