Bithumb, South Korea’s second-largest cryptocurrency exchange, is considering a listing on the U.S. Nasdaq exchange, according to a report from Daehan Economic.
The exchange revealed this during a shareholders’ meeting on Monday.
A Bithumb representative stated that the company is open to “all possibilities” regarding where to pursue its IPO. The shift in focus to Nasdaq may be linked to South Korea’s stringent regulatory stance on cryptocurrencies.
South Korean authorities do not classify cryptocurrencies as legitimate financial products, which complicates the launch or trading of spot cryptocurrency exchange-traded products (ETPs) on the Kosdaq.
Initial reports suggested an IPO on the Kosdaq in the second half of 2025, confirmed by preparations for a non-exchange business to facilitate the stock market debut. At the time, Bithumb appointed Samsung Securities as its underwriter for the potential listing on Kosdaq, South Korea’s equivalent to the Nasdaq.
However, recent developments and scrutiny over former chairman Lee Jeong-hoon’s involvement with the company have led Bithumb to reassess its IPO strategy. Additionally, recent rules proposed by South Korea’s Financial Services Commission require new crypto firm executives to secure regulatory approval before assuming their roles.
Bithumb’s IPO plans, while being the first of its kind for a Korean crypto exchange, are not just about market expansion. The exchange, holding assets over 400 billion won (about $300 million), is looking to rebuild public trust after it faced, along with other exchanges, government scrutiny, including a raid on its offices last year.
Bithumb is currently South Korea’s second-largest spot crypto trading platform, processing over $574 million in trade volume in the past 24 hours, while the market leader, Upbit, recorded $1.95 billion in the same period.
Based in Seoul, the exchange saw its annual sales revenue decrease to 1.358 billion Korean won in 2023, down from 3.201 billion won in 2022. The net profit for Bithumb also took a hit, falling 74.5% to 243 billion won in 2023 from the previous year’s 954 billion won, although the exchange still managed to report a surplus for the fourth consecutive year.
Bithumb attributed the financial downturn to the fall in cryptocurrency prices due to the prolonged crypto winter. Additionally, the exchange’s revenue was impacted by its decision to implement a fee-free trading policy during the last quarter of the previous year.
