Bithumb Eyes 2025 Nasdaq IPO with Samsung Securities as Lead Underwriter

Several cryptocurrency firms have expressed intentions to go public this year, and now Bithumb, South Korea's second-largest crypto exchange, has announced plans for a potential public listing in the United States. The news, reported by local media outlet Dnews, follows a Sept. 30 shareholders meeting where the exchange outlined its Nasdaq listing ambitions for the second half of 2025.

To facilitate the Initial Public Offering (IPO), Bithumb has appointed Samsung Securities as the lead underwriter. This move signals the exchange’s intent to expand its presence in international markets and capitalize on the growing global interest in cryptocurrency.

In March, Bithumb launched a new entity, Bithumb Investment, aimed at strengthening its digital asset exchange business. This new division will oversee investments and real estate brokerage services, positioning the company for future growth and increasing its chances of a successful public offering.

Bithumb’s IPO plans follow an earlier, unsuccessful attempt to list on Korea’s KOSDAQ market in 2020. That effort was scrapped due to the absence of clear regulatory guidelines and accounting standards for digital assets in the country.

A company representative mentioned that while the U.S. Nasdaq listing is a strong consideration, all options are still on the table, including potential listings on domestic exchanges. Bithumb is carefully evaluating both domestic and international markets as it crafts its long-term strategy.

As of now, Bithumb has not provided further comments regarding the listing plan, according to CryptoSlate.

The exchange holds a significant share of South Korea's crypto market, controlling approximately 10% to 20% of the market with a spot trading volume nearing $650 million in the last 24 hours, based on CoinMarketCap data. In the first quarter of 2024, Bithumb reported an impressive profit of 62.1 billion won, marking a 283% year-over-year increase.

The Crypto IPO Landscape

If Bithumb successfully completes its Nasdaq listing, it will join a select group of cryptocurrency companies that have gone public in the U.S. Notably, Coinbase made headlines in 2021 when it became the first major crypto exchange to go public via a direct stock listing on Nasdaq.

Earlier this year, stablecoin issuer Circle also initiated plans to go public, and reports suggest Ripple is exploring a public listing as well.

These public listings highlight the growing legitimacy of cryptocurrencies as an asset class, with increasing global adoption and recognition from traditional financial markets.