South Korean cryptocurrency exchange <a href="https://cryptoslate.com/companies/bithumb/" rel="noopener noreferrer nofollow">Bithumb</a> is eyeing a listing on the Korean Securities Dealers Automated Quotations (KOSDAQ) via an Initial Public Offering (IPO) in 2025 as part of its expansion strategy, according to a local media <a href="https://m.edaily.co.kr/news/read?newsId=01843366635805064&amp;mediaCodeNo=257" rel="noopener noreferrer nofollow">report</a>.
The IPO is a pivotal step for Bithumb to position itself as a formidable competitor against Upbit, a major player in the nation’s cryptocurrency market.
Bithumb has reportedly selected Samsung Securities as its underwriter for the IPO, with considerations to extend the listing to the KOSPI market.
Bithumb is one of the largest crypto exchanges in the country, with a spot trading volume of nearly $650 million, according to CoinMarketCap <a href="https://coinmarketcap.com/exchanges/bithumb/" rel="noopener noreferrer nofollow">data</a>.
<h2 id="bithumb-looks-to-rebuild-public-trust-via-ipo">Bithumb looks to rebuild public trust via IPO</h2>
Unlike conventional IPOs aimed at securing additional funding, Bithumb’s approach is distinct. The exchange, which boasts assets exceeding 400 billion won (approximately $300 million), aims to rebuild public trust by subjecting its governance processes and management to external verification.
This initiative follows recent challenges involving Bithumb’s leadership. In January, former Chairman Lee Jung-hoon was acquitted of a $70 million fraud case. The exchange has also <a href="https://cryptoslate.com/south-korea-to-screen-major-shareholders-of-crypto-exchanges-over-eligibility-concerns/" rel="noopener noreferrer nofollow">faced scrutiny</a> concerning a cryptocurrency scandal involving a Korean lawmaker.
Additionally, its majority shareholder, Kang Jong-hyun, was <a href="https://cryptoslate.com/cryptoslate-wrapped-daily-kraken-closes-abu-dhabi-office-bithumb-owner-arrested/" rel="noopener noreferrer nofollow">arrested</a> for allegedly embezzling roughly $50 million earlier in the year.
Bithumb Holdings, the parent company, has revamped its leadership structure in anticipation of the IPO. Former Chairman Jung-hoon has been reinstated as a registered director, and Jaewon Lee has taken over as the new CEO of Bithumb Holdings, expected to spearhead the upcoming IPO.
This leadership reshuffle indicates Bithumb’s commitment to rebuilding public confidence and underscores the company’s renewed emphasis on ethical management practices.
The post <a href="https://cryptoslate.com/bithumb-sets-sights-on-2025-south-korean-ipo-on-kosdaq-amid-leadership-overhaul/" rel="noopener noreferrer nofollow">Bithumb sets sights on 2025 South Korean IPO on KOSDAQ amid leadership overhaul</a> appeared first on <a href="https://cryptoslate.com" rel="noopener noreferrer nofollow">CryptoSlate</a>.

Bithumb sets sights on 2025 South Korean IPO on KOSDAQ amid leadership overhaul

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