Bithumb to Split Operations as It Prepares for South Korean IPO
Bithumb is moving forward with a corporate restructuring in anticipation of a public listing, according to a filing with South Korea’s corporate registry.
The Seoul-based crypto exchange plans to divide its operations into two separate entities. The main exchange unit, Bithumb Korea, will focus exclusively on the core digital asset trading business and will be the entity seeking to go public. Local media report that the company has its sights set on a listing on South Korea’s Kosdaq, with a U.S. IPO potentially following later.
A second company, Bithumb A, has been newly established and will manage the group’s non-exchange businesses. This includes venture investments, asset management, and strategic initiatives. The reorganization is scheduled to take effect on July 31.
Bithumb A will bring together the exchange’s investment-focused subsidiaries. This includes Bithumb Partners, which has recently pivoted away from NFT and metaverse projects toward financial instruments such as stocks, bonds, and convertible debt. Reports suggest Bithumb is in discussions with licensed domestic firms to expand these services within South Korea.
Bithumb Investment, which handles equity holdings and partnerships with external companies, will also be managed under Bithumb A going forward.
After previously exploring a NASDAQ listing, Bithumb now appears to be prioritizing a domestic IPO first, with international expansion on the table as a secondary option.
The company returned to profitability in 2024, posting an operating profit of 130.8 billion won (~$95 million) after recording a 149 billion-won loss in the previous year, according to local reports.
