Crypto Exchange Bithumb Restructures Ahead of Potential IPO
Hey FinTech Fanatic!
Bithumb, South Korea’s second-largest exchange, is quietly setting the groundwork that could redefine its trajectory. On July 31, it will carve out its non-exchange operations into a separate entity, temporarily named “Bithumb A.”
The structure may seem complex, but the purpose is straightforward: to shield its core trading business from risks tied to other ventures and streamline operations ahead of a potential IPO.
The numbers tell their own story. After a relatively quiet stretch, Bithumb posted $110 million in net profit for 2024—a 5x increase YoY. While still behind Upbit’s figures, the rebound marks a notable shift and sets the stage for a possible listing on the Korean Exchange—or, as hinted last year, the Nasdaq.
Samsung Securities is set to lead the underwriting. Still, uncertainties remain—beyond valuation and listing venue, regulatory scrutiny looms large. The exchange has recently come under fire for KYC shortcomings and service disruptions during periods of political unrest.
Yet, the strategy seems deliberate. With compliance under the spotlight and investor expectations rising, Bithumb’s restructuring looks less like an internal reshuffle and more like a calculated step toward global relevance—one foot in Seoul, the other eyeing Wall Street.
Read more global FinTech industry updates below 👇 and I'll be back with more tomorrow!
Cheers,
INSIGHTS
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BLOCKCHAIN/CRYPTO NEWS
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PARTNERSHIPS
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DONEDEAL FUNDING NEWS
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M&A
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MOVERS AND SHAKERS
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