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<p class="is-style-lead">Bithumb gears up for a pioneering initial public offering (IPO), targeting a market shake-up against Upbit’s dominant 85% share in the virtual asset industry.</p> 
<p>In a move that aims to disrupt Upbit’s 85% stronghold on the market, Bithumb Korea is reportedly <a href="https://m.edaily.co.kr/news/read?newsId=01843366635805064&amp;mediaCodeNo=257" target="_blank" rel="noreferrer noopener">pioneering</a> an IPO in the virtual asset exchange industry.&nbsp;</p> 
<p>The strategy could underscore a trust-centric approach deemed crucial for regaining Bithumb’s leading position in the Korean crypto exchange space.</p> 
<p>The IPO will reportedly occur in the latter half of 2025, with a primary focus on a KOSDAQ listing and potential considerations for the KOSPI market under specific circumstances.&nbsp;</p> 
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   <p lang="en" dir="ltr">📈 Bithumb IPO: A big step for the South Korean cryptocurrency industry.<br>✨ Bithumb, one of the largest cryptocurrency exchanges in the world and the largest in South Korea, is planning to go public on the South Korean stock market. This is a big step for the South Korean…</p>— Nhu Nam (@NhuNam5) <a href="https://twitter.com/NhuNam5/status/1723677307829981350?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">November 12, 2023</a>
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<p>Amid the intense competition in virtual asset exchanges, Bithumb’s decision to go public appears less about raising capital and more about restoring market confidence.&nbsp;The exchange has a history of scandals, some of which led to <a href="https://crypto.news/bithumb-faces-more-woes-as-korean-authorities-accuse-it-of-price-manipulation/" data-type="link" data-id="https://crypto.news/bithumb-faces-more-woes-as-korean-authorities-accuse-it-of-price-manipulation/" target="_blank" rel="noreferrer noopener">regulatory</a> inspections in South Korea.</p> 
<p> You might also like: <a href="https://crypto.news/ripples-xrpl-solution-readies-for-significant-upgrade/"> Ripple’s XRPL solution readies for significant upgrade </a> </p> 
<h2 class="wp-block-heading" id="boadroom-reshuffles">Boadroom reshuffles</h2> 
<p>In preparation for the IPO, structural changes are underway within Bithumb’s corporate echelons. <a href="https://crypto.news/former-bithumb-chair-lee-jung-hoon-found-not-guilty/" target="_blank" data-type="link" data-id="https://crypto.news/former-bithumb-chair-lee-jung-hoon-found-not-guilty/" rel="noreferrer noopener">Lee Jeong-hoon</a>, the previous chairman and major stakeholder, has marked his return to active governance by rejoining Bithumb Holdings’ board.&nbsp;</p> 
<p>His reintegration as a director has been seen by some as a testament to his commitment to responsible leadership, especially since he himself reportedly vowed to practice more responsible management.</p> 
<p>The reshuffle also comes with the exclusion of Lee Sang-jun from the board amid controversies surrounding coin listing solicitations. </p> 
<p>Jaewon Lee, the CEO of both <a href="https://crypto.news/bithumb-faces-more-woes-as-korean-authorities-accuse-it-of-price-manipulation/" target="_blank" rel="noreferrer noopener">Bithumb Korea</a> and Bithumb Holdings, is now poised to steer the company toward an IPO under the guidance of former Chairman Lee.</p> 
<p>Bithumb’s silence on the IPO specifics may reflect a strategic discretion. However, the confirmation of an underwriter suggests that wheels are in motion to usher in the new era for the exchange.</p> 
<p> Read more: <a href="https://crypto.news/solana-soars-over-175-percent-ongoing-ftx-troubles/"> Solana gains over 175% despite ongoing FTX troubles </a> </p>

Bithumb sets sights on IPO to rebalance crypto power

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