Rumors are swirling in cryptocurrency circles that suggest Bithumb, one of South Korea’s flagship exchanges, may be headed down a revolutionary new path. Although no official announcement has yet been made, local sources report that the company is nearing the selection of an underwriter, which usually heralds the next steps on the road to a debut on a traditional trading floor.
Bithumb with important moves
The great news is generating a mix of excitement and anticipation in the cryptocurrency world. There is unofficial talk of plans for an initial public offering on Kosdaq, the South Korean version of the renowned US Nasdaq exchange. There is no shortage of speculation about the possible date of this landmark event – it is estimated that it could happen in the second half of 2025.
Although Bithumb has yet to confirm these reports, rumors fueling hopes for the debut are growing louder. All indications are that the company has selected an underwriter for the issue. According to unofficial information, Samsung Securities would play a key role in this matter.
A lot of confusion around Korean cryptocurrency exchanges
Recent personnel moves at Bithumb are also generating interest. The return of the former CEO, Lee Jeong-hoon, as a registered director has many wondering what impact this may have on the future of the exchange. Meanwhile, the dismissal of CEO Lee Sang-Jun over an investigation into alleged bribery casts a shadow over the current moment in the company’s history.
However, these are not the only rumors swirling around the platform. It is said that a possible listing may be prompted by a desire to intensify competition between Bithumb and Upbit. Interestingly, Upbit has recently surpassed the trading volume of exchanges such as Coinbase and Binance.
It should be remembered that Bithumb’s story is not a success tale, however. Both Korean platforms mentioned here came under fire from the authorities in May. The raids on their offices were the result of suspected cryptocurrency trading scams.
Bithumb’s operations were also exposed to uncertainty related to the investigation of Kang Jong-Hyun, one of the company’s major shareholders. His arrest on embezzlement charges was part of a broader investigation into illegal practices.
IPO a chance for stability and legitimacy
Bithumb was founded in 2014. The platform currently ranks second in terms of trading volume in South Korea. It is only surpassed by Upbit. Going public with an IPO could change that. An additional form of legitimacy for the exchange may result in increased confidence in its operations. This is undoubtedly a great opportunity to attract a larger group of local users.