South Korea’s leading crypto exchange, Bithumb, is making big moves toward its long-awaited initial public offering (IPO). After years of legal battles, the company has finally cleared a major hurdle, bringing it one step closer to a stock market debut.
A major roadblock for Bithumb was the legal case involving its former chairman, Lee Jung-hoon. According to local media reports, he was accused of fraud, which cast a shadow over the exchange’s IPO plans for years. However, South Korea’s Supreme Court has ruled in Lee’s favor, eliminating a key legal risk for the company. With this issue behind them, Bithumb is now focusing on pushing forward with its IPO plans, aiming for a 2025 listing.
New Begining with Clear Rules
Bithumb has been working on its IPO strategy since 2020 but had to put plans on hold due to legal troubles. Now, with a clear path ahead, the exchange is expected to speed up the process. The company has appointed Samsung Securities to manage the offering and is targeting a listing on the NASDAQ, following in the footsteps of Coinbase and Japan’s Coincheck.
One of the biggest factors supporting Bithumb’s IPO is South Korea’s changing stance on crypto regulations. Until now, banks and large companies have been restricted from investing in cryptocurrencies. However, regulators are expected to loosen these rules later this year, allowing institutional investors to enter the market.
A pilot program is set to begin soon, giving select institutional investors limited access to crypto investments. If successful, South Korean firms may be allowed to hold Bitcoin and other digital assets on their balance sheets. This could bring significant new capital into the industry, boosting exchanges like Bithumb.
South Korea ramps up efforts to tame trade, tech concernshttps://t.co/zch7OfKXyt#SouthKorea #US
— The Korea Herald 코리아헤럴드 (@TheKoreaHerald) March 18, 2025
Banking Partnership Adds Strength
Moreover, Bithumb has also strengthened its position by partnering with KB Kookmin Bank, South Korea’s largest banking firm. This deal is expected to help attract more corporate clients and strengthen its IPO case. Meanwhile, its biggest rival, Upbit, has partnered with K Bank, which is also planning an IPO.
The Bank of Korea will begin a pilot program for digital currency (Deposit Tokens) next month, involving 100,000 participants. Participants can convert their bank deposits into digital tokens, with seven banks, including KB Kookmin, Shinhan, Hana, Woori, NongHyup, IBK, and Busan… pic.twitter.com/0v7pUvpbOV
— Sepowergroup (@SepowerGroup) March 19, 2025
Challenges Still Remain
Despite these positive changes, Bithumb still faces challenges. Regulators are currently conducting an anti-money laundering (AML) investigation, and any penalties could impact the company’s IPO timeline. Plus, questions remain about Bithumb’s ownership structure, particularly the involvement of businessman Kang Jong-hyun. As of now, Bithumb is excited for IPO to gain lost investor faith and to bring new investors on board.
