Bithumb, a cryptocurrency exchange based in South Korea, has reported notified local media that it has chosen an underwriter for a potential initial public offering.
A listing on the KOSDAQ, South Korea’s equivalent to the Nasdaq in the United States, is predicted for Bithumb in the second half of 2025, according to a report from a local news outlet on November 12.
Bithumb has been coy about whether or not they will proceed with an initial public offering (IPO), but they did acknowledge that they had recently chosen an underwriter.
Underwriters are firms whose job it is to ensure the financial security of another before that firm goes public. Edaily reports that Samsung Securities is Bithumb’s preferred choice for an initial public offering underwriter.
Lee Jeong-hoon, the former chairman of Bithumb, has reportedly returned to the company as a registered director. While the investigation into bribery allegations continues, CEO Lee Sang-jun was removed from his position on the board of directors.
It was also reported that Bithumb decided to go public because it did not want to lose any more business to Upbit, the leading cryptocurrency exchange in South Korea.
By daily trading volume, Bithumb is presently the second largest cryptocurrency exchange in South Korea, behind only Upbit.
In May, South Korean officials raided the headquarters of cryptocurrency exchanges Upbit and Bithumb amid allegations of fraudulent crypto trading on behalf of a local lawmaker.
Kang Jong-hyun, one of Bithumb’s top shareholders and a person of interest in the company’s “real owner” investigation, was detained in February on embezzlement charges following a lengthy police probe into his alleged illegal activities.
41-year-old Kang Ji-yeon, the CEO of Bithumb subsidiary Inbiogen, has an older brother named Jong-hyun. The corporation holds the largest part in Vidente, the biggest Bithumb shareholder with a 34.2% interest.
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