Bithumb to Reorganise Ahead of South Korean IPO Listing

Bithumb will split into two entities to prepare for its IPO: Bithumb Korea for crypto exchange operations and Bithumb A for venture investments. The restructuring targets a listing on South Korea’s Kosdaq before a potential Nasdaq listing. Bithumb also posted a notable operating profit in 2024.

Bithumb, a prominent South Korean cryptocurrency exchange, is reorganising its business structure ahead of a planned initial public offering (IPO). According to a filing with the country’s corporate registry, the exchange will be divided into two distinct entities: Bithumb Korea, which will focus solely on its core crypto exchange operations, and a new entity named Bithumb A, which will manage venture investments and asset management.

The restructuring will take effect on July 31, aiming to streamline operations and enhance the company’s listing prospects on the Kosdaq, South Korea’s securities market. Following the Kosdaq listing, Bithumb may consider a potential listing on the Nasdaq exchange in the United States.

Bithumb A will consolidate various investment initiatives, including Bithumb Partners, which has transitioned from focusing on NFT and metaverse projects to investing in traditional financial products like equities and bonds. The goal is to offer diversified financial services in collaboration with licensed entities in South Korea.

Additionally, Bithumb Investment, responsible for managing equity stakes and partnerships, will also operate under Bithumb A. The exchange recently reported a significant recovery, posting an operating profit of 130.8 billion won ($95 million) in 2024, compared to a loss of 149 billion won the previous year. Sam Reynolds, a senior Asia reporter, highlighted this development, alongside the evolving goals of Bithumb.