1 year ago
South Korean cryptocurrency speech Bithumb is eyeing a listing connected the Korean Securities Dealers Automated Quotations (KOSDAQ) via an Initial Public Offering (IPO) successful 2025 arsenic portion of its enlargement strategy, according to a section media report.
The IPO is simply a pivotal measurement for Bithumb to presumption itself arsenic a formidable rival against Upbit, a large subordinate successful the nation’s cryptocurrency market.
Bithumb has reportedly selected Samsung Securities arsenic its underwriter for the IPO, with considerations to widen the listing to the KOSPI market.
Bithumb is 1 of the largest crypto exchanges successful the country, with a spot trading measurement of astir $650 million, according to CoinMarketCap data.
Bithumb looks to rebuild nationalist spot via IPO
Unlike accepted IPOs aimed astatine securing further funding, Bithumb’s attack is distinct. The exchange, which boasts assets exceeding 400 cardinal won (approximately $300 million), aims to rebuild nationalist spot by subjecting its governance processes and absorption to outer verification.
This inaugural follows caller challenges involving Bithumb’s leadership. In January, erstwhile Chairman Lee Jung-hoon was acquitted of a $70 cardinal fraud case. The speech has besides faced scrutiny concerning a cryptocurrency ungraded involving a Korean lawmaker.
Additionally, its bulk shareholder, Kang Jong-hyun, was arrested for allegedly embezzling astir $50 cardinal earlier successful the year.
Bithumb Holdings, the genitor company, has revamped its enactment operation successful anticipation of the IPO. Former Chairman Jung-hoon has been reinstated arsenic a registered director, and Jaewon Lee has taken implicit arsenic the caller CEO of Bithumb Holdings, expected to spearhead the upcoming IPO.
This enactment reshuffle indicates Bithumb’s committedness to rebuilding nationalist assurance and underscores the company’s renewed accent connected ethical absorption practices.
The station Bithumb sets sights connected 2025 South Korean IPO connected KOSDAQ amid enactment overhaul appeared archetypal connected CryptoSlate.
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