Plans for Public Listing on US Nasdaq by Bithumb Cryptocurrency Exchange

Bithumb, a leading cryptocurrency exchange in South Korea, has announced its contemplation of a US Nasdaq listing. This announcement was part of a special shareholder meeting held on September 30th, focusing on the company’s strategies for growth and expanding its market presence.

Bithumb from South Korea Targets Nasdaq for International Growth

With global ambitions on the horizon, Bithumb is eyeing a spot on the Nasdaq stock exchange. The planned initial public offering (IPO) is expected to take place in the latter half of the forthcoming year, led by Samsung Securities as the principal underwriter. Bithumb’s decision is in response to a rising international interest in digital currency marketplaces, keen on positioning itself among the world’s leading market constituents.

Previously, Bithumb had contemplated a listing on Korea’s own KOSDAQ in 2020, but put the plans on hold due to regulatory and accounting ambiguities surrounding digital assets at the time. Now, by shifting its sights to a US exchange listing, Bithumb aims to tap into a broader international investor base and capitalize on a potentially more accommodating regulatory climate in the United States.

In March, Bithumb undertook a key restructuring, spinning off its HR functions to establish a new entity that focuses on investment and real estate. This led to the creation of Bithumb Investment, overseeing the holding company’s varied interests and smoothing the path for the IPO by honing in on their exchange core business, thereby bolstering financial stability and investor appeal.

Post-restructuring, the entity remains dedicated to its cryptocurrency exchange primary business. This focus aims to streamline processes, increase efficiency, and satisfy US Nasdaq listing criteria like clear business models and sound financial condition.

Domestic Hurdles and Global Prospects

The global listing ambitions bring their own set of opportunities, even as Bithumb navigates domestic market challenges. South Korea’s current regulatory environment does not include provisions for Bitcoin ETFs and fails to recognize digital assets as financial instruments, complicating home market listings.

Bithumb is influenced by international counterparts, such as Coinbase, which have successfully secured listings on the Nasdaq. For instance, recently, Bithumb had a tax victory, which illustrates the complexity of regulatory challenges faced within the South Korean context.

Furthermore, Bithumb is focused on raising brand visibility on the world stage, as indicated by a shareholder decision to rebrand Bithumb Korea to simply Bithumb. This is a play to fortify its position in the market as it gears up for a public presence on the US Nasdaq.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content includes the personal opinion of the author and is influenced by market conditions. Conduct your research before engaging in cryptocurrencies. Neither the author nor the publication assumes any responsibility for your personal financial loss.