Hassan Maishera
TL;DR
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Bithumb is spinning off its non-exchange division as it eyes an IPO in the second half of the year.
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Several crypto firms, including Kraken and Blockchain.com, are planning to go public soon.
Bithumb to Spin Off Non-Exchange Division as it Eyes its IPO
South Korean cryptocurrency exchange Bithumb is set to spin off its non-exchange division as it intensifies efforts to go public before the end of the year.
In a statement on Monday, the crypto exchange revealed that the spin-off is scheduled to take place on July 31, 2025. The spun-off entity is named Bithumb A, although its official English name has not been announced.
Bithumb added that,
"By establishing independent accountability for each business division, the [spin-off] fundamentally prevents risks originating from non-exchange businesses from spreading to the exchange business."
The cryptocurrency exchange added that the ongoing restructuring is designed to boost corporate efficiency by enhancing the expertise and competitiveness of each business division. Bithumb also revealed that the share distribution ratio in the spin-off between the existing Bithumb and the new entity would be roughly 56:44.
The IPO talks intensified following a strong fiscal year for Bithumb. The cryptocurrency exchange recorded $110 million in net profits in 2024, a 560% surge year-over-year. However, it still lags behind Upbit, the country's largest crypto exchange, which recorded $671 million in net profits last year.
Bithumb joins a host of other cryptocurrency firms looking to go public soon. In the United States, crypto companies like Circle, Kraken, and Blockchain.com are gearing up to list on the stock exchange in the coming months.
Bithumb intends to launch its IPO in the second half of this year in the South Korean stock market, with Samsung Securities as its underwriter. The crypto exchange is also considering a potential listing on the Nasdaq.
