Korean Exchange Bithumb Targets Nasdaq Listing After Nixed IPO Plans

Bithumb, one of South Korea's largest cryptocurrency exchanges, has revealed plans to pursue a listing on the Nasdaq stock exchange. At its shareholder meeting on September 30, the company said it is currently targeting a late 2024 IPO with Samsung Securities as the lead underwriter, according to a Korea Economic Daily report on Monday.

Bithumb, which has a 20% market share in Korea, second only to Upbit's 80%, has been actively exploring ways to enhance its credibility and attract international investors. The exchange had planned to go public on independent Korean stock market Kosdaq 10 months ago, but cancelled it in March 2024 due to market conditions.

The Nasdaq listing would not only provide the exchange with increased visibility but also bolster its reputation as a reliable and regulated platform, the exchange said.

South Korea has a vibrant cryptocurrency market, with a significant number of retail and institutional investors. However, the regulatory landscape for digital assets in the country has been subject to fluctuations, creating challenges for businesses operating in the sector. By listing on a major US exchange, Bithumb aims to position itself as a leader in a more established and regulated market.

The decision to restart its listing plans also aligns with Bithumb's efforts to spin off its non-core business and focus on its core cryptocurrency exchange operations. This strategic move is expected to streamline the company's operations and improve its overall financial performance.