Bithumb Prepares for IPO
Bithumb is getting ready for its initial public offering (IPO).
After selecting Samsung Securities as its underwriter, the South Korean crypto exchange is now working on creating the prospectus, a legal document that provides comprehensive details about the IPO.
Bithumb’s IPO Plans
Bithumb aims to debut on the KOSDAQ, South Korea’s equivalent of the Nasdaq in the United States. The listing is set for the latter half of 2025, making Bithumb the first digital asset company to go public on the South Korean stock market.
Although Bithumb has not officially announced its intentions for an IPO, the choice of Samsung Securities as a potential underwriter strongly indicates a significant move towards the process of going public.
A recent study highlighted the prominent position of centralized exchanges in the South Korean crypto trading market, with Bithumb holding the second position and planning to challenge Upbit’s dominance through the IPO.
Changes in Bithumb’s Leadership
Bithumb and other South Korean crypto exchanges have faced regulatory and legal troubles in recent times.
The former chair of Bithumb was reinstated as a registered director after facing accusations of fraud. Similarly, the Vice President of Vidente, the major shareholder of Bithumb, was under scrutiny for allegations of embezzlement and stock price manipulation. However, he was discovered deceased in December 2022, and the initial investigation did not reveal indications of potential foul play.
### News source: cryptopotato.com