Bithumb Considers Nasdaq Listing For US Expansion

South Korean cryptocurrency exchange Bithumb is contemplating an expansion into the United States market to improve its global presence.

Bithumb, the second-largest cryptocurrency exchange in South Korea, is reportedly preparing for a significant expansion into the United States by staging an initial public offering (IPO) on Nasdaq. On September 30, the exchange announced its intention at an extraordinary shareholders’ meeting.

Bithumb has designated Samsung Securities, the financial services division of the Samsung Group, as the lead underwriter for the transaction, which is anticipated to occur in the latter half of the year, according to local media reports.

Strategic Initiative for Global Expansion

Bithumb’s leadership regards the IPO as a critical milestone in pursuing a global position as a leader in the crypto industry. The company will utilize the funds generated from the public listing to expand its operations, improve its trading platform, and meet the increasing global demand for digital assets and related services.

The company’s domestic market share is substantial, ranging from 10% to 20%, and it is second only to Upbit, the largest crypto exchange in South Korea. Nevertheless, Bithumb’s international presence could be significantly enhanced, and its industry status could be solidified through a successful Nasdaq listing.

According to reports, the exchange initially initiated its IPO plans in March this year by spinning off its Human Resources department to establish a new corporate entity. This action aimed to enable Bithumb to concentrate on its core crypto trading business while simultaneously allowing other business segments to operate under a separate entity.

Bithumb purportedly contemplates using names such as “Bithumb A” or “Bithumb Investment” for this new entity, overseeing the company’s holding, investment, and real estate brokerage divisions.

Global Expansion on the Horizon

Bithumb’s leadership has acknowledged that they are investigating additional potential domestic and international listing opportunities in addition to the Nasdaq IPO, which is a significant focus.

The company official stated during the meeting that all possibilities concerning the listing are open, including those within South Korea and abroad.

Bithumb had previously attempted to list on the Kosdaq exchange in South Korea in 2020; however, these endeavors were unsuccessful due to regulatory complications.

The company’s legal status was a source of concern for the South Korean financial authorities at the time, following the involvement of its former chairman, Lee Jeong-hoon, in a $82 million fraud investigation.

Rebranding Initiatives Are In Progress

Bithumb is currently in the process of refreshing its brand in addition to its international expansion plans. The company announced at the shareholders meeting that it will modify its official name from “Bithumb Korea” to “Bithumb,” indicating a renewed commitment to simplifying its corporate identity.

Additionally, this is not the initial instance of Bithumb’s rebranding. To modernize its brand and align with its evolving business objectives, the company changed its name from BTC Korea.com to Bithumb in 2019.