Bithumb Crypto Exchange Aims For A Nasdaq Listing As It Seeks Global Expansion
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Bithumb, one of South Koreas largest crypto exchanges is considering a listing on the U.S. Nasdaq, the company told at a temporary shareholders meeting held on the 30th, according to Korea Economic Daily.
Bithumb IPO Coming Up
In late 2023, the exchange was reportedly planning to go public by listing its shares on Kosdaq, the South Korean counterpart to Nasdaq. It had a target of the second half of 2025 after selecting Samsung Securities as its manager for the initial public offering.
The partnership is a key strategic move for Bithumb, which seeks to leverage Samsungs influence and expertise to navigate the complexities of going public. To facilitate its listing plans, Bithumb began restructuring its operations in March, separating its business divisions into two distinct entities.
Currently, Bithumb is pursuing an initial public offering (IPO) with the goal of listing in the second half of next year. The lead manager is Samsung Securities. Bithumb had also prepared for listing on the KOSDAQ market in 2020. However, it gave up halfway due to the lack of clear regulations and accounting standards for virtual assets at the time.
Challenging Regulatory Landscape
Regarding listing, all possibilities are open, not only domestically but also overseas, a Bithumb official said according to the report.
However, the securities industry has not seen a strong possibility of Bithumb being listed on the domestic stock market.
An industry insider explained, Because the financial authorities do not recognize virtual assets as financial products, there are no Bitcoin ETFs available in Korea, and Since Coinbase, the largest virtual asset exchange in the U.S., is listed on the NASDAQ, Bithumb may look overseas rather than the stock market or KOSDAQ.
While South Koreas regulatory landscape remains unfavorable for crypto-related financial products, such as Bitcoin ETFs, Bithumb may find a more accommodating environment in the U.S., where Coinbase is already listed on the Nasdaq.
Rebranding Efforts
In addition to the plans for international expansion, Bithumb is also undergoing a brand refresh. The company said during the shareholders meeting that it will change its official name from Bithumb Korea to simply Bithumb, marking a renewed effort in the part of a broader effort to strengthen its market position as it prepares for its future as a publicly listed company on the US Nasdaq.
Text source: Coinpedia – Fintech & Cryptocurreny News Media| Cr
