Hold onto your hats, crypto enthusiasts! Bithumb, the South Korean crypto exchange powerhouse, is stirring up some excitement by eyeing an international IPO, with the US NASDAQ as a potential landing spot. This juicy tidbit was shared during a lively shareholder meeting on Monday.
Picture this: Bithumb is keeping all its options open, not just sticking to local waters but considering a global plunge for its initial public offering (IPO). Talk about thinking big!
The buzz started when Korea Economic Daily spilled the beans on September 30th, revealing that Bithumb has been working on this IPO dream for less than a year. They’ve even roped in Samsung Securities to draft the all-important prospectus, the detailed legal playbook for the IPO.
Initially, the rumor mill had Bithumb set to list on KOSDAQ, South Korea’s version of NASDAQ, around late 2025. But guess what? Bithumb’s recent hints suggest they might just take the international route instead.
A Bithumb insider chimed in, “When it comes to listing, we’re exploring all avenues, both at home and abroad.” Talk about keeping the suspense alive!
However, it hasn’t been all smooth sailing. Bithumb’s IPO ambitions hit a speed bump during an internal strategy huddle, with some pointing fingers at controversies involving former chairman Lee Jeong-hoon.
The latest reports also paint a tough picture for Bithumb Korea’s fiscal year 2023, which saw a sharp drop in revenue and net profit despite a spike in trading volume. Revenue plummeted by 57%, from 3.201 billion won in 2022 to 1.358 billion won in 2023, and net profit took a nosedive by 74.5%, landing at 243 billion won.
The blame game points to falling crypto prices and Bithumb’s bold move to introduce fee-free trading in the fourth quarter. But hey, they didn’t back down! Bithumb kept expanding across South Korea, hitting record Bitcoin trading volumes, outshining their rival Upbit, and grabbing a whopping 72% market share in early 2023.
Currently, according to CoinMarketCap, Bithumb stands tall as the second-biggest spot crypto trading platform in South Korea, boasting a 24-hour trade volume of over $666 million. Meanwhile, Upbit is flexing with a daily trading volume near $2 billion.
So, stay tuned, folks! The crypto world is buzzing, and Bithumb’s next move could be a game-changer.
