Bithumb units sights on 2025 South Korean IPO on KOSDAQ amid management overhaul

by Cryptospacey

South Korean cryptocurrency change Bithumb is eyeing a list on the Korean Securities Sellers Automated Quotations (KOSDAQ) through an Preliminary Public Providing (IPO) in 2025 as a part of its enlargement technique, in accordance with an area media report.

The IPO is a pivotal step for Bithumb to place itself as a formidable competitor in opposition to Upbit, a serious participant within the nation’s cryptocurrency market.

Bithumb has reportedly chosen Samsung Securities as its underwriter for the IPO, with issues to increase the itemizing to the KOSPI market.

Bithumb is among the largest crypto exchanges within the nation, with a spot buying and selling quantity of practically $650 million, in accordance with CoinMarketCap knowledge.

Bithumb seems to rebuild public belief through IPO

In contrast to standard IPOs geared toward securing extra funding, Bithumb’s strategy is distinct. The change, which boasts belongings exceeding 400 billion gained (roughly $300 million), goals to rebuild public belief by subjecting its governance processes and administration to exterior verification.

This initiative follows latest challenges involving Bithumb’s management. In January, former Chairman Lee Jung-hoon was acquitted of a $70 million fraud case. The change has additionally confronted scrutiny regarding a cryptocurrency scandal involving a Korean lawmaker.

Moreover, its majority shareholder, Kang Jong-hyun, was arrested for allegedly embezzling roughly $50 million earlier within the 12 months.

Bithumb Holdings, the guardian firm, has revamped its management construction in anticipation of the IPO. Former Chairman Jung-hoon has been reinstated as a registered director, and Jaewon Lee has taken over as the brand new CEO of Bithumb Holdings, anticipated to spearhead the upcoming IPO.

This management reshuffle signifies Bithumb’s dedication to rebuilding public confidence and underscores the corporate’s renewed emphasis on moral administration practices.

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