- Bithumb aims to list on Nasdaq in the second half of next year, with Samsung Securities as the underwriter.
- The exchange holds a 10% to 20% market share and is enhancing operations through an IPO and a new subsidiary.
- Bithumb is rebranding from Bithumb Korea to strengthen brand awareness.
Bithumb, South Korea’s second-largest cryptocurrency exchange, is making headlines with its ambitious plans to potentially list on the Nasdaq in the United States, according to the report.
During an extraordinary shareholders’ meeting held on September 30, the exchange announced that it is reviewing the feasibility of this listing, targeting the second half of next year. With Samsung Securities designated as the main underwriter, the exchange is preparing for a significant leap onto the global stage.
Currently, the exchange commands a market share estimated between 10% to 20%, making it a key player in the competitive cryptocurrency landscape. This new initiative comes as part of a broader strategy to enhance its business operations, including an initial public offering (IPO) that aims to streamline its focus on the core virtual asset exchange business.
In March, the company decided to split its human resources, which will pave the way for the creation of a new subsidiary. Tentatively named either Bithumb A or Bithumb Investment, this new entity will absorb the holding company, investment, and real estate brokerage divisions, allowing the exchange to concentrate on its existing exchange services.
The exchange’s aspirations for listing on the Nasdaq mark a notable shift in its strategy, especially given its previous attempt to list on the KOSDAQ market in 2020, which was ultimately abandoned due to regulatory uncertainties surrounding virtual assets.
Industry insiders suggest that the likelihood of a domestic listing remains low, as South Korean financial authorities have yet to officially recognize virtual assets as financial products, leaving investors without options such as Bitcoin ETFs. In contrast, the exchange’s move to the Nasdaq aligns with trends observed in the market, particularly following Coinbase’s successful listing.
Bithumb’s Rebranding to Enhance Market Presence
The extraordinary general meeting also saw the approval of a single agenda item: changing the corporate name of Bithumb Korea to simply Bithumb. This rebranding effort aims to bolster brand awareness by aligning the company’s corporate identity with its trading platform.
Previously known as BTC Korea.com until its name change in 2019, the exchange is now focusing on establishing a more unified presence in the cryptocurrency space.
However, Bithumb’s potential Nasdaq listing reflects a broader trend of South Korean exchanges seeking international opportunities amidst local regulatory challenges. With its strategic maneuvers, the exchange is positioning itself for future growth and visibility on the global stage.
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