There is also no confirmation that South Korean crypto exchange Bithumb is planning for the IPO. Local media only said that they recently selected an underwriter for them. The virtual monetary firm, Bithumb, will be the first crypto company to offer its shares in the KOSPI Stock Market.
On November 12, local news outlet Edaily reported that Bithumb is preparing to stage a Kosdaq IPO, which will probably see a listing during H2 2025.
Although Bithumb did not want to confirm the IPO, they already appointed an underwriter. As reported by Edaily, Bithumb selected Samsung Securities as its prospective IPO arranger.
Sources familiar with the situation claim that Lee Jeong-hoon was back at Bithumb as its board registered. Conversely, CEO Lee Sang-jun found himself excluded from a seat on the board of directors as part of an ongoing bribery probe.
The sources also said that Bithumb chose to go public as a measure of not letting go of more market shares. This would help in keeping Upbit, the largest crypto exchange in South Korea, at bay.
South Korea’s Crypto Giants: Upbit & Bithumb
Although it is still South Korea’s number two by average daily trading volume, it is miles away from Upbit. Upbit recorded higher trading volumes than Coinbase and Binance monthly in July for the first time.
South Korean officials raided Upbit and Bithumb offices in May in connection with the local MP for alleged crypto-currency frauds.
Kang Jong-hyun is supposed to be one of Bithumb’s major shareholders (as well as its real owner) who, in February, after months of thorough investigations by the police, got arrested for money laundering.
Jong-hyun, aged 41 years and the older brother to Kang Ji-yeon, was the head of the sister company Inbiogen. It is the largest shareholder of Vidente and the biggest Bithumb stock-owner, with a percentage of 34.2%.
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As per statistics provided by CoinGecko, Bithumb was launched a year prior (2014) and has a daily trading volume of about $580 million.