South Korea’s leading cryptocurrency exchange Bithumb announced on Monday that it is going to separate its investment and holding branch from the main exchange business. This move is considered important towards the company’s possible US Nasdaq listing.
Table of Contents
- Major Change in Corporate Structure
- Nasdaq Listing Possibilities
- Financial Performance Overview
- Strategic Purpose of the Restructuring
- Impact on Global Expansion
- Conclusion
Major change in corporate structure
Bithumb has informed that it will separate its investment units – Bithumb Investment and Bithumb Holdings – and form a new company “Bithumb A”. At the same time, the main exchange operating unit Bithumb Korea will remain in the existing structure.
This division will be effective from July 31, 2025, which is set to be approved at the general meeting of shareholders on June 12.
Nasdaq listing possibilities
According to sources, Bithumb is now considering a plan to list on the US stock market Nasdaq. Earlier in 2020, the company tried to list on Korea’s KOSDAQ, but the plan had to be put on hold due to regulatory uncertainties.
This time the company has appointed Samsung Securities as the lead underwriter, which will guide the IPO process.
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Strong financial position, growing volume
Bithumb reported revenue of 62.1 billion won (about $45.3 million) in the first quarter of 2024, up 283% from the previous year. The platform’s spot trading volume has crossed $650 million, making it one of South Korea’s leading crypto exchanges.
Although the company had an operating loss of about $11 million in 2023, the 2024 figures indicate positive change.
What is the purpose of this move?
Bithumb says that this restructuring will give a clear focus to the company’s different businesses and improve risk management. Also, this step is also considered important in the direction of winning the trust of global investors.
Conclusion:
This strategy of Bithumb will not only strengthen its position in the South Korean market but can also help it gain a foothold among international investors and US capital markets.
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