Major South Korean cryptocurrency exchange Bithumb is undertaking a significant corporate overhaul, spinning off key units. This strategic maneuver appears to pave the way for a potential listing on the Nasdaq stock exchange.
The plan involves creating a new entity, tentatively named “Bithumb A,” by July 31. This new company will house Bithumb’s existing holding and investment operations, separating them from the core exchange business.
According to shareholder communications, this separation aims to streamline risk management and sharpen each unit’s strategic focus. Bithumb Korea, the arm operating the digital asset exchange, will continue under its current structure. Shareholders are scheduled to vote on this proposal on June 12.
Bithumb has explicitly stated it is considering public offerings both domestically in Korea and internationally. While details remain sparse, the exchange confirmed it is “reviewing” a potential Nasdaq listing, signaling significant global ambitions for the crypto platform.
This move aligns with a broader trend of established crypto firms seeking legitimacy and capital through traditional stock markets. The restructuring initiative follows a period of robust financial performance for Bithumb.
The company reported a substantial operating profit of approximately $90.1 million for 2024, a stark turnaround from the previous year’s loss. Revenue also surged by over 265%, buoyed by the recovery in the broader blockchain and digital asset markets.
These positive developments and strategic shifts occur despite lingering legal headwinds related to investigations concerning former executives. The exchange is navigating these challenges while pursuing ambitious growth plans, including the potential public listing.