- Bithumb is reportedly eyeing to go public in the U.S.
- Plans include listing its shares on the Nasdaq.
- The development came after the exchange postponed its IPO in South Korea.
South Korean crypto exchange Bithumb is reportedly considering listing its shares on Nasdaq, the most active stock trading venue in the U.S. by volume.
The development follows the exchange’s initial plan to go public on South Korea’s Kosdaq, targeting a 2025 launch date for its initial public offering (IPO). However, the local IPO ambitions were thwarted early this year due to an assessment of Bithumb’s internal strategy during an evolving institutional landscape.
Bithumb Renews IPO Ambition
Local reports indicate that Bithumb announced it was “reviewing listing on the U.S. Nasdaq” during a temporary shareholders meeting on September 30. Plans to go public are scheduled for the second half of next year.
Sponsored
Bithumb has reportedly chosen Samsung Securities to underwrite its IPO in support of the upcoming potential listing. Industry insiders believe this is part of the exchange’s strategy to expand its influence beyond a domestic market that doesn’t recognize crypto assets as financial products.
According to one of the reports, Bithumb started to fast-track its IPO plan in March when it restructured its human resources to create two distinct companies. One of the companies will focus on the crypto exchange business, while the other handles the holding company, real estate brokerage, and investment business divisions.
Meanwhile, the September 30 shareholders’ meeting reportedly resolved to change Bithumb Korea’s corporate name to Bithumb, a move the exchange said would enhance brand awareness by integrating its business and service names.
As for the ambition of the Nasdaq listing, Bithumb said the plan was not cast in stone, as South Korea’s Kosdaq was still in play.
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