Yi Whan-woo is a Korea Times journalist primarily covering finance. He writes in-depth articles on macroeconomy and financial markets and previously covered sports, politics, diplomacy and inter-Korean affairs, among others. Feel free to contact him at yistory@koreatimes.co.kr.
Bithumb plans to go public
Bithumb Korea’s customer service center in Seoul / Yonhap
By Yi Whan-woo
Cryptocurrency exchange Bithumb plans to become the first digital asset firm to go public on the stock market, according to industry sources, Monday.
The sources said the country’s second-largest cryptocurrency exchange recently picked an underwriter for an initial public offering (IPO) on the secondary bourse Kosdaq, possibly in the second half of 2025.
The company did not confirm, but the sources said Samsung Securities has been chosen an underwriter.
They also said Bithumb may consider shifting to the benchmark KOSPI afterward if its IPO on the Kosdaq turns out to be successful.
The plan comes as Bithumb is seeking to expand its presence on the digital asset market. It accounts for about 10 percent of the market, as compared to 85 percent of Upbit, the No. 1 player.
Bithumb’s plan to go public comes after its former chairman and de facto owner Lee Jung-hoon was acquitted in January of fraud charges of more than 100 billion won.
Lee was removed from the firm’s board but was recently reinstated as a registered director, according to the sources.