Ahead of IPO, Bithumb to Separate Into Two Entities in South Korea

Bithumb Announces Corporate Split in Preparation for South Korean IPO

Bithumb, one of South Korea’s largest cryptocurrency exchanges, is restructuring its operations ahead of a planned initial public offering (IPO), according to a filing with the country’s corporate registry.

The company will divide into two distinct entities. Bithumb Korea, focused solely on the exchange business, will be the entity seeking to go public on South Korea’s Kosdaq stock exchange. The IPO is expected to serve as the first step in Bithumb’s broader growth strategy, with a potential listing in the U.S. to follow at a later stage.

In contrast, Bithumb A, the newly formed unit, will take charge of the company’s investment and business development arms. These include venture investments, asset management, and new business ventures. The reorganization is set to be finalized by July 31.

Under Bithumb A, Bithumb Partners, which had previously shifted its focus from NFTs and metaverse projects to traditional financial products such as equities and bonds, will be consolidated. The company is reportedly negotiating with licensed local entities to expand these services within South Korea.

Additionally, Bithumb Investment, which manages the company’s equity interests and strategic partnerships, will now operate under Bithumb A.

After a challenging year in 2023, Bithumb posted a 130.8 billion won (~$95 million) operating profit in 2024, a significant turnaround from the 149 billion-won loss recorded the previous year.