South Korean cryptocurrency exchange Bithumb has announced plans for restructuring its units and preparing for an IPO.
Structural Reorganization
Bithumb plans to split its investment and holding businesses into a new company called Bithumb A. This move is part of the preparations for a potential IPO and aims to improve risk management.
Plans for Nasdaq Listing
Bithumb is considering a public listing not just in South Korea but also overseas, particularly on Nasdaq. Shareholders will vote on the plan at a meeting on June 12, although no specific details on the IPO plans have been disclosed.
Bithumb's Financial Results
In its recent financial report for 2024, Bithumb reported significant growth. The operating profit reached 130.7 billion won (approximately $90.1 million), recovering from an operating loss of 14.8 billion won in 2023. Total revenue surged 265.4% year-over-year to 496.3 billion won, attributed to the recovery of the crypto market.
Despite legal challenges, Bithumb continues to evolve and aims for an IPO, which could significantly impact its market position.
