South Korea’s crypto landscape is shifting fast in 2025, with regulatory pressure mounting and political uncertainty looming. In the middle of this storm, major exchange Bithumb is making a bold move: it’s splitting its business to pave the way for an IPO.
Bold! Will it pay off?
On July 31, Bithumb will officially separate its non-exchange businesses into a new company, currently known as “Bithumb A.” The goal is to protect its core trading platform from risks tied to its other ventures. Under the new structure, Bithumb will hold a 56% stake in the original exchange, while Bithumb A takes the remaining 44%.
The restructuring is designed to sharpen focus, improve efficiency, and position both divisions for long-term growth – especially with a potential IPO on the horizon.
Bithumb is targeting an initial public offering in the second half of 2025, with Samsung Securities leading the effort as underwriter. A domestic listing is currently the likely path, but the exchange is also exploring a possible Nasdaq debut to expand its international presence.
The restructuring comes after a strong financial year. In 2024, Bithumb recorded $110 million in net profit, a 560% jump from the previous year. While still trailing behind rival Upbit’s $671 million, the performance marks a significant comeback.
Despite its recent financial gains, Bithumb is under increasing scrutiny from regulators. Earlier this year, it received a suspension notice tied to Know Your Customer (KYC) compliance failures, which affected hundreds of thousands of accounts. The company later agreed to compensate users who faced service disruptions during the political unrest in late 2024.
In addition, the Financial Intelligence Unit imposed a partial suspension on Bithumb’s operator, Dunamu, citing links to unregistered foreign platforms.
As South Korea enforces stricter oversight of digital assets, Bithumb’s split structure could be a strategic play to navigate compliance hurdles and court investor confidence. Whether the IPO lands in Seoul or on Wall Street, Bithumb is positioning itself to become a global crypto powerhouse.
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