At a shareholders’ meeting, Bithumb disclosed plans to list on the Nasdaq in late 2025, with Samsung Securities serving as the lead manager.
According to reports, the South Korean cryptocurrency exchange Bithumb is considering going public on the US tech-heavy Nasdaq index.
A local news outlet reported on Monday that the exchange disclosed this potential move at a shareholders’ meeting on Sept. 30. Moreover, the company is aiming for a listing in the latter part of next year. It has enlisted Samsung Securities as the lead manager.
According to reports, the exchange decided to split its Human Resources department in March. This action focused on the company’s primary virtual asset exchange activities in an attempt to increase the likelihood of an IPO. As a result, the new business division will be converted into a distinct business.
Bithumb’s Kosdaq Listing Plans Stalled Amid Governance Concerns
Bithumb was preparing to list on Kosdaq, South Korea’s version of the Nasdaq, by 2020. However, concerns about the company’s ambiguous governance structure caused these plans to be shelved.
Additionally, the 2020 effort was hindered by the prosecution service’s investigation into fraud claims made against Lee Jeong-hoon, the former chairman of Bithumb Holdings and Bithumb Korea.
In reaction to Upbit is hegemony, Bithumb, a prominent cryptocurrency exchange in South Korea, is attempting to fortify its position in the market. Upbit has a substantial impact on trading and customer interaction, as evidenced by its control over 80% of the South Korean cryptocurrency market. Upbit is leadership has been solidified by its early market entry, strategic growth initiatives, partnerships, and stringent regulatory compliance.
Bithumb’s Leadership Faces Legal Challenges
Bithumb has been involved in a number of legal disputes. Legal problems have been a recurring problem for the exchange’s executives and suspected owners. A well-known golfer was connected to a coin listing scandal involving CEO Lee Sang-jun. The business also experienced turmoil following a botched acquisition, which was made worse by disagreements regarding a token listing.
For the second time this year, former chairman Lee Jeong-hoon was cleared of charges in a $100 million fraud case. Lee’s prior acquittal from January 2023 on comparable fraud charges was recently upheld by the 5th Criminal Division of the Seoul High Court. After Lee was indicted in July 2021, prosecutors accused him of embezzlement and misappropriation, and the trial got underway.