Bithumb to Split into Two as Crypto Exchange Nears IPO in South Korea
Data from the country's corporate registry indicates that the exchange has registered a new entity in preparation for an IPO.
Sam Reynolds | Edited by Sheldon Reback Updated April 22, 2025, 3:00 PM Published April 22, 2025, 8:04 AM
Key points:
- Bithumb is reorganizing its business model to focus on publicly offering shares of its key cryptocurrency exchange operations.
- The new company, Bithumb A, will focus on venture capital and asset management, with a focus on financial products.
- Bithumb intends to list its shares on South Korea's Kosdaq exchange before considering a listing on Nasdaq.
Bithumb plans to separate its core cryptocurrency exchange business from its other operations in a reorganization aimed at preparing for an initial public offering (IPO).
The Seoul-based company will be split into two, with Bithumb Korea focusing solely on running the cryptocurrency exchange's core business. Bithumb Korea will be the entity that achieves a public listing, local media reported, citing the country's corporate registry.
Another division, the newly created Bithumb A, will focus on venture capital investments, asset management, and new business initiatives. The restructuring is set to take effect on July 31.
Bithumb A will consolidate the exchange's investment arm, including Bithumb Partners, which has shifted its focus from NFT and metaverse projects to investing in financial products such as stocks, bonds, and convertible bonds. According to local media, Bithumb is in talks with licensed entities to provide these services in the country.
Bithumb Investment, which manages shareholdings and strategic partnerships with external companies, will also be controlled by Bithumb A.
Last year, Bithumb was reportedly considering a NASDAQ listing, but its plans have now shifted to a listing on South Korea's Kosdaq, with a US listing becoming a secondary goal.
According to local media, Bithumb posted an operating profit of 130.8 billion won (US$95 million) in 2024, recouping a loss of 149 billion won incurred the previous year.
