Bithumb Explores Nasdaq Listing for 2025 Amid Market Competition and Legal Challenges

• Bithumb eyes a Nasdaq listing in 2025 to boost its global presence and compete with industry giant Upbit in South Korea.
• Bithumb is restructuring and focusing on its core exchange business, aiming for a successful IPO despite past legal challenges.
• Considering foreign markets like Nasdaq, Bithumb is getting ready for a worldwide push in the face of fierce competition from Upbit.

Samsung Securities, the primary underwriter for Bithumb’s IPO, revealed during a special shareholders’ meeting that the South Korean cryptocurrency exchange aims to list on the Nasdaq in late 2025 after becoming public.

Currently, Bithumb’s market share varies from 10% to 20%, but it wants to grow internationally by following Coinbase’s lead and listing on a US exchange. In order to strengthen its emphasis on virtual asset trading, the corporation is also revamping its operations.

Due to regulatory concerns over virtual assets, Bithumb had previously intended to go public on South Korea’s KOSDAQ market in 2020 but had abandoned the idea. Their success was impeded by the absence of well-defined financial principles and accounting standards.

Nevertheless, Bithumb has persisted in investigating alternative choices, including international listings. Due to the lack of Bitcoin ETFs in Korea and the fact that local regulators do not view cryptocurrencies as financial instruments, Bithumb is turning more and more to foreign exchanges like Nasdaq in an effort to expand.

The Legal Difficulties and Competitive Environment

With more than 80% of the market, Upbit is the biggest cryptocurrency exchange in South Korea and a serious competitor of Bithumb. Bithumb wants to contest Upbit’s domination by strengthening its position through strategic expansion and a possible Nasdaq listing.

Besides competition, Bithumb has had its share of legal controversies. Its executives have faced multiple legal challenges, including fraud allegations. Former chairman Lee Jeong-hoon was twice acquitted of $100 million fraud charges, most recently in early 2023.

Bithumb is also restructuring to streamline its operations. The company is splitting off its non-core business units, including investments and real estate brokerage, into a new company tentatively named Bithumb A or Bithumb Investment. This move aims to increase the likelihood of a successful IPO by concentrating on its virtual asset exchange business.

Future Prospects

Despite obstacles at home, the exchange’s will to compete globally is demonstrated by its intention to pursue a Nasdaq listing. A successful IPO may be more likely for Bithumb as a result of its continuous restructuring and legal triumphs. Moreover, focusing on its core exchange business while diversifying through new ventures may further strengthen its market position.