South Korea’s crypto landscape is shifting fast in 2025, with regulatory pressure mounting and political uncertainty looming. In the middle of this storm, major exchange Bithumb is making a bold move: it’s splitting its business to pave the way for an IPO.
Bithumb Spins Off Non-Exchange Operations
On July 31, Bithumb will officially spin off its non-exchange operations into a separate entity, currently called “Bithumb A.” The aim is clear—shield the core crypto trading platform from risks tied to its other ventures. Bithumb will retain a 56% ownership stake, while the new entity holds 44%.
This structural shakeup is designed to boost operational focus and efficiency, with each division sharpening its strategy ahead of a potential public listing.
IPO Plans and Profit Surge
Bithumb is targeting an IPO in the second half of 2025, with Samsung Securities as the lead underwriter. While a local listing is likely, the exchange is also considering Nasdaq—a move that could expand its global footprint.
The restructuring comes after a strong financial year. In 2024, Bithumb recorded $110 million in net profit, a 560% jump from the previous year. While still trailing behind rival Upbit’s $671 million, the performance marks a significant comeback.
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Regulatory Pressures Mount
Despite the IPO momentum, Bithumb is facing heat from regulators. Earlier this year, it received a suspension notice over KYC compliance failures impacting hundreds of thousands of accounts. The company later agreed to compensate users hit by service disruptions during political unrest in late 2024.
Adding to the pressure, the FIU imposed a partial suspension on Bithumb’s operator, Dunamu, over links to unregistered foreign platforms.
The Road Ahead
As South Korea enforces stricter oversight of digital assets, Bithumb’s split structure could be a strategic play to navigate compliance hurdles and court investor confidence. Whether the IPO lands in Seoul or on Wall Street, Bithumb is positioning itself to become more than just a local exchange—it wants to be a global crypto powerhouse.
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