Bithumb Plans 2025 IPO After 560% Profit Surge

Bithumb, a major cryptocurrency exchange in South Korea, is making significant strategic moves in 2025 amidst a rapidly changing regulatory landscape and political uncertainty. The exchange has announced plans to spin off its non-exchange operations into a separate entity, named “Bithumb A,” effective from July 31. This move aims to isolate the core crypto trading platform from risks associated with other ventures, with Bithumb retaining a 56% ownership stake and the new entity holding 44%. The restructuring is intended to enhance operational focus and efficiency, preparing each division for a potential public listing.

Bithumb is targeting an Initial Public Offering (IPO) in the second half of 2025, with Samsung Securities serving as the lead underwriter. While a local listing is probable, the exchange is also considering Nasdaq, which could significantly expand its global presence. This strategic decision follows a robust financial performance in 2024, where Bithumb recorded a net profit of $110 million, marking a 560% increase from the previous year. Although this figure is still behind rival Upbit’s $671 million, it signifies a notable recovery for Bithumb.

Despite the positive financial outlook and IPO plans, Bithumb is facing regulatory challenges. Earlier this year, the exchange received a suspension notice due to KYC compliance failures affecting hundreds of thousands of accounts. The company has since agreed to compensate users impacted by service disruptions during political unrest in late 2024. Additionally, the Financial Intelligence Unit (FIU) imposed a partial suspension on Bithumb’s operator, Dunamu, over its links to unregistered foreign platforms. These regulatory pressures highlight the need for Bithumb to navigate compliance hurdles carefully.

As South Korea tightens its oversight of digital assets, Bithumb’s decision to split its operations could be a strategic move to address regulatory concerns and attract investor confidence. Whether the IPO takes place in Seoul or on Wall Street, Bithumb is positioning itself to transcend its local exchange status and become a global crypto powerhouse. The restructuring and potential IPO are part of a broader strategy to enhance operational efficiency and global competitiveness, setting the stage for Bithumb to play a more significant role in the international cryptocurrency market.