Bithumb, one of South Korea’s largest cryptocurrency exchanges, is considering a listing on the U.S. Nasdaq, as the company disclosed during a temporary shareholders’ meeting held on the 30th, according to Korea Economic Daily.
Bithumb IPO Coming Up
In late 2023, Bithumb was reportedly planning to go public by listing its shares on Kosdaq, the South Korean counterpart to Nasdaq. The exchange had set a target for the second half of 2025 after selecting Samsung Securities as its manager for the initial public offering. This partnership is a key strategic move for Bithumb, aiming to leverage Samsung’s influence and expertise to navigate the complexities of going public.
To facilitate its listing plans, Bithumb began restructuring its operations in March, separating its business divisions into two distinct entities. Currently, Bithumb is pursuing an initial public offering (IPO) with the goal of listing in the second half of next year. The lead manager for this ambitious project is Samsung Securities.
Previously, Bithumb had also prepared for a listing on the KOSDAQ market in 2020. However, it abandoned those plans halfway due to the lack of clear regulations and accounting standards for virtual assets at the time.
Challenging Regulatory Landscape
“Regarding listing, all possibilities are open, not only domestically but also overseas,” a Bithumb official said according to the report. However, the securities industry has not seen a strong possibility of Bithumb being listed on the domestic stock market.
An industry insider explained, “Because the financial authorities do not recognize virtual assets as financial products, there are no Bitcoin ETFs available in Korea,” adding, “Since Coinbase, the largest virtual asset exchange in the U.S., is listed on the Nasdaq, Bithumb may look overseas rather than the stock market or KOSDAQ.”
While South Korea’s regulatory landscape remains unfavorable for crypto-related financial products, such as Bitcoin ETFs, Bithumb may find a more accommodating environment in the U.S., where Coinbase is already listed on the Nasdaq.
Rebranding Efforts
In addition to the plans for international expansion, Bithumb is also undergoing a brand refresh. The company announced during the shareholders’ meeting that it will change its official name from “Bithumb Korea” to simply “Bithumb.” This move marks a renewed effort as part of a broader strategy to strengthen its market position while preparing for its future as a publicly listed company on the U.S. Nasdaq.
The rebranding reflects Bithumb’s ambition to position itself as a global player in the cryptocurrency market. By dropping the “Korea” from its name, Bithumb intends to present itself as a more inclusive and international entity, which could help attract a broader investor base and user community.
As Bithumb navigates these regulatory and operational challenges, its potential listing on the Nasdaq could serve as a significant milestone. This move may not only boost its credibility but also pave the way for other international crypto exchanges looking to expand their footprint in more favorable regulatory environments.
In conclusion, Bithumb’s strategic decisions to list on the Nasdaq, partner with Samsung Securities, and rebrand itself are clear indicators of its ambitions to expand and solidify its position in the global cryptocurrency market. These steps represent a forward-thinking approach to overcoming regulatory hurdles and positioning the company for future growth and success.
