Plans for Bithumb’s Initial Public Offering Gain Momentum
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The South Korean exchange Bithumb is poised to intensify its IPO efforts – and could pursue a rapid initial public offering as the cryptocurrency market surge persists.
As indicated by Hanguk Kyungjae, Bithumb plans to expedite its proposed KOSPI listing.
Bithumb IPO: Strategic Moves Unveiled
The news source mentioned that Bithumb has declared its intention to demerge its holdings business into a new entity provisionally called Bithumb Investment.
A public notification was issued on March 22, outlining the initiative.
The nascent establishment will manage Bithumb’s asset holdings, investment projects, and property ventures.
Concurrently, the current Bithumb Korea will concentrate on the cryptocurrency exchange operations.
The corporation aims to allocate shares between the two divisions in a 60/40 split. Shareholders will deliberate upon this strategy on May 10.
Provided shareholder consensus is reached, Bithumb Investment shall commence functions on June 13, as stated by the report.
It is reported that shareholders will accordingly “attain new shares in the evolving company commensurate with their prevailing stakeholdings.”
The disclosure made no reference to existing legal actions, which include an inquiry into purported market rigging allegedly committed by the enigmatic “actual” proprietor of Bithumb.
Nonetheless, the firm seems resolved to dissociate these concerns, aspiring for the IPO’s triumph or failure to be determined by its primary exchange activities.
Potential Advancement of Bithumb’s Listing Agenda
Bithumb has recently seen a surge in business, propelled in part by its zero-commission trading offer aimed at capturing more market share from its main competitor, Upbit.
Additionally, a resurgence in Bitcoin (BTC) trading among retail investors has led to increased trade volumes in the notably cryptocurrency-friendly South Korea, which boasts a limited number of exchanges licensed for fiat-crypto trading.
There’s anticipation that the separation will bolster the possibility of an imminent IPO by fostering a dedicated entity centered around exchange operations, according to the press release. Moreover:
“Business pursuits external to the core exchange functions will be aggressively advanced through new subsidiaries – unencumbered by the Bithumb IPO proposition.”
A spokesperson for Bithumb expressed that the division would “facilitate operational efficacy,” further mentioning it would “stimulate growth” in the “exchange operations” segment under “distinct ownership” structures.
While Bithumb initially targeted a KOSPI debut in 2025, the latest maneuvers could possibly accelerate its listing timeline.
IPO success seems likely for Bithumb, which is poised to be the inaugural South Korean trading platform to go public.
Elsewhere, in the Upbit ecosystem, the associated neobank K Bank is also leading its own IPO charge, bolstered by its alliance with Upbit, facilitating user-friendly fiat on/off-ramp options for cryptocurrency transactions.
Partnership-driven growth has soared, potentially paving the way for K Bank’s KOSPI debut in the not-too-distant future.
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