Bithumb, a South Korean cryptocurrency exchange, is reportedly aiming for an initial public offering at Kosdaq. Based on the latest reports, the company’s IPO plans are already underway.

According to Crypto.news, through this public listing, Bithumb is planning to get a hold of its local rival, Upbit's, market share. This is the company’s target as it is currently the dominant crypto exchange in the country with its massive 85% share in the digital asset industry.

Strategy to Reclaim Market Lead

The crypto firm is trying to impede the 85% foothold of Upbit in the market and Bithumb Korea has an opportunity to achieve this through an IPO in the crypto exchange industry. The public listing is one of the strategies that the company will try to implement to regain its original position in the business in the country which has now been occupied by Upbit.

Moreover, amid the fierce competition among the crypto exchange firms, it was said that Bithumb’s decision to file for IPO may not be entirely about raising capital but it is more about raising and restoring its market confidence. This is because the company had its share of scandals involving the Korean regulatory agency in the country.

Bithumb Korea’s IPO is expected to take place in the second half of 2025. The company will primarily focus on KOSDAQ and may consider the KOSPI later based on some circumstances.

Corporate Restructuring Move

While it is preparing for public listing, it was said that the company will also undergo a corporate restructuring. The change starts with the return of Lee Jeong Hoon who is a major stakeholder and former chairman. He rejoined Bithhumb Holdings’ board and this marked his official comeback to active governance in the firm.

CoinGape further reported that Bithumb’s restructuring is in alignment with its IPO strategy. The reshuffle will also see Lee Jae Won taking on the role of Bithumb Holdings’ chief executive officer as Lee Sang Jun has been excluded from the board of directors due to the allegations he is currently facing. Now, as the company commenced its IPO journey, Lee Jeong Hoon is expected to have more control over the firm to achieve their goals.

Photo by: Bithumb PR Center