Bithumb Splits Business as It Eyes Late 2025 IPO

Amid rising regulatory pressure and political uncertainty in South Korea’s crypto sector, Bithumb is restructuring its business in a strategic move ahead of a planned IPO.

By July 31, the exchange will spin off its non-core operations into a new entity, “Bithumb A,” leaving the main platform with a 56% stake and the new company with 44%. The split aims to shield Bithumb’s core trading business from external risks and streamline its path toward public listing.

The IPO is targeted for late 2025, with Samsung Securities as lead underwriter. While a domestic listing is the likely choice, a Nasdaq debut remains under consideration.

This comes after a strong 2024 performance, with Bithumb reporting $110 million in net profits—a sharp rebound, though still behind rival Upbit.

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Despite financial gains, Bithumb has faced mounting regulatory issues, including a KYC-related suspension and sanctions on parent company Dunamu. By separating its operations, the exchange hopes to navigate compliance hurdles more effectively while strengthening investor appeal.

Whether Bithumb’s listing lands in Seoul or on Wall Street, the company is signaling its ambition to become a major global force in crypto.

Alexander Stefanov