Bithumb prepares for IPO on the Korean stock exchange
Bithumb prepares for IPO on the Korean stock exchange
South Korean crypto exchange Bithumb is set to launch an initial public offering (IPO), but faces a number of financial and legal challenges.
"The IPO will help us increase transparency and enable external verification of our internal controls," said a Bithumb spokesperson.
According to information published by Crypto News, Bithumb has selected Samsung Securities as its underwriter and has already begun planning its IPO on the Korea Stock Exchange.
However, the company has not yet set an exact timeline for the IPO or set a target value for the company, while it hopes to complete the listing before the second half of 2025.
However, Bithumb may change its listing to the KOSPI market in the future.
The KOSPI (Korea Composite Stock Price Index) is the Korean equivalent of the US S&P 500 index.
However, the news of the IPO could not have come at a worse time for Bithumb.
It's worth noting that the exchange has been showing weak financial performance lately. In the third quarter of 2023, Bithumb reported a loss of nearly half a million dollars, and its trading volume dropped by 53%.
In addition, the company's executives and purported owners are facing legal challenges over the listing of some of its tokens.
However, many speculate that the IPO will help Bithumb build public trust and close the gap with its closest competitors.
Read also: Binance enters Thailand's crypto market.
