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Bithumb IPO: Exchange Takes Decisive Steps
The South Korean exchange Bithumb is looking to step up its IPO plans as the crypto bull market continues. Bithumb is looking to “accelerate” its proposed KOSPI listing, according to Hanguk Kyungjae.
Bithumb Investment Spin-Off
Bithumb announced that it will spin off its holdings operations into a separate company named Bithumb Investment. The regulatory filing document detailed that the new firm will take control of Bithumb’s holdings, investments, and real estate operations.
Bithumb Korea will focus on operating the crypto trading platform. The company plans to divide shares in Bithumb using a 6:4 ratio, with shareholders set to vote on the plan on May 10. If approved, Bithumb Investment will launch on June 13.
Market Developments and Future Plans
Foreign investors have shown interest in Bithumb, with a net purchase of 14.401 trillion won in KOSPI stocks this year. Bithumb hopes that the spinoff will increase the possibility of an IPO launch by focusing on the core exchange business.
The move aims to promote efficiency and boost the growth of exchange operations with separate ownership models. Bithumb had previously eyed a 2025 KOSPI debut but could fast-track its listing with these new developments.
Upcoming IPOs in the Crypto Space
Bithumb’s rival Upbit’s operator Dunamu is considered too large for a KOSPI debut. K Bank, a neobank providing services to Upbit customers, is also set to make an IPO bid. The partnership between K Bank and Upbit has led to significant growth, potentially paving the way for a KOSPI listing.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
