The South Korean cryptocurrency exchange Bithumb is planning to go public on the Korean Securities Dealers Automated Quotations (KOSDAQ) in 2025. This move is a key part of Bithumb's growth strategy, as reported by local media.

This Initial Public Offering (IPO) is crucial for Bithumb as it seeks to become a significant competitor to Upbit, which currently dominates the South Korean cryptocurrency market. For its IPO, Bithumb has chosen Samsung Securities as its underwriter and is also considering a potential listing on the KOSPI market.

Bithumb stands as one of South Korea's largest crypto exchanges, boasting a spot trading volume close to $650 million, as per CoinMarketCap. Bithumb's approach to the IPO is unique. Unlike typical IPOs that focus on raising funds, Bithumb, with assets over 400 billion won (around $300 million), is aiming to regain public trust by undergoing external audits of its management and governance processes.

The exchange has faced several challenges recently, including issues with its leadership. In January, ex-Chairman Lee Jung-hoon was cleared of charges in a $70 million fraud case. The exchange has also been involved in a controversy linked to a Korean lawmaker and a cryptocurrency scandal. Moreover, Kang Jong-hyun, the majority shareholder of Bithumb, was arrested earlier this year on charges of embezzling about $50 million.

In preparation for the IPO, Bithumb Holdings, the parent company, has restructured its leadership. Jung-hoon has returned as a registered director, and Jaewon Lee has been appointed as the new CEO of Bithumb Holdings, leading the charge towards the IPO. This change in leadership reflects Bithumb's dedication to restoring public trust and highlights its focus on ethical management.