South Korean crypto exchange giant Bithumb is reportedly exploring the possibility of listing on the US NASDAQ, as discussed during a shareholder meeting on Monday.
The company has indicated that it is open to considering “all possibilities” regarding where to launch its initial public offering (IPO).
Bithumb Looks Beyond KOSDAQ
Korea Economic Daily revealed the latest details on September 30th, less than a year after it was first reported that Bithumb had been preparing for its IPO. Samsung Securities was selected as the underwriter responsible for drafting the prospectus, a detailed legal document outlining the IPO.
Initial speculation had suggested Bithumb would list on the KOSDAQ, South Korea’s equivalent of the US Nasdaq, in the latter part of 2025. However, the company’s recent statements suggest a shift in focus towards international options.
A Bithumb official was quoted saying,
“Regarding listing, all possibilities are open, not only domestically but also overseas.”
Bithumb is yet to comment on the matter officially.
Declining Revenue and Leadership Controversy
The company’s IPO plans had recently encountered a roadblock following an internal strategy review, with officials pointing to controversies surrounding former chairman Lee Jeong-hoon as a contributing factor.
CryptoPotato also reported that Bithumb Korea’s fiscal year 2023 was marked by a steep decline in revenue and net profit despite an increase in trading volume.
Revenue dropped by 57%, from 3.201 billion won in 2022 to 1.358 billion won in 2023, while net profit fell by 74.5%, down to 243 billion won.
The decline was attributed to falling crypto prices and Bithumb’s fee-free trading policy, which was introduced in the fourth quarter. However, Bithumb continued to expand its presence across South Korea, achieving record Bitcoin trading volumes, surpassing its rival Upbit, and reaching a peak market share of 72% in early 2023.
CoinMarketCap data shows that Bithumb is currently the second-biggest spot crypto trading platform in South Korea, with a 24-hour trade volume of more than $666 million. Meanwhile, the daily trading volume of Upbit is hovering near $2 billion.