- Bithumb’s market share surges to 25% as aggressive marketing and Upbit’s regulatory troubles reshape South Korea’s crypto landscape.
- The exchange eyes Kosdaq and NASDAQ listings in 2025, backed by Samsung Securities and a major corporate restructuring plan.
- South Korea’s shifting political climate may open crypto markets further as Bithumb positions for global expansion and investor appeal.
According to Wu Blockchain, South Korea’s Bithumb exchange is returning, reclaiming part of its indigenous crypto market share. The site, after decades of losing traction to security breaches and tech problems, now dominates 25% of the country’s trading volume. This revival represents a new beginning for Bithumb as it prepares for a big IPO later in 2025. The platform was once dominant in the market but lost share to Upbit, which still leads with over 60% market share—down from 75% last year.
Aggressive Strategy Spurs Rapid Growth
Bithumb’s resurgence stems from its aggressive marketing and growing user dissatisfaction with rival Upbit’s regulatory troubles. According to Kaiko, Bithumb’s volume share peaked at 33% in Q1 2024 before stabilizing at current levels. Moreover, this growth comes as South Korea’s crypto sector remains highly regulated. Strict licensing rules and banking partnerships have pushed smaller players out, leaving Upbit and Bithumb in control of most domestic trading.
Besides expanding its market share, Bithumb is undergoing major structural changes. The exchange will split into two companies by July 31, 2025. Bithumb Korea will manage the exchange business and lead the Kosdaq IPO. Meanwhile, Bithumb A will oversee broader business ventures, including subsidiaries like Bithumb Partners and Bithumb Investment. Consequently, Bithumb Korea will hold a 56% stake in the main exchange, while Bithumb A retains the rest.
IPO Plans and Political Tailwinds
Bithumb’s planned listing on the Kosdaq is the first step. The company also eyes a potential NASDAQ debut to attract global investors. Samsung Securities will underwrite the IPO, signaling strong institutional support. Additionally, Bithumb’s revival aligns with a changing political landscape. Several presidential candidates in South Korea now back pro-crypto reforms.
These include proposals to lift the ban on Bitcoin ETFs and allow foreign access to domestic crypto markets. However, many politicians have made similar promises before. Whether real change follows remains uncertain. Still, Bithumb’s progress, paired with a shifting regulatory tone, may set the stage for broader industry growth.
