Crypto Exchange Bithumb to Split in Two as IPO Looms: Big Moves Ahead!

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What You Absolutely Need to Know (or Don’t, But It’s Fun Anyway):

  • Bithumb is going all corporate on us, splitting up its business to prep for an IPO – how quaint.
  • A brand-new entity, Bithumb A, will handle the “serious” stuff – venture investments and all that financial jazz.
  • Forget Nasdaq for now, Bithumb is aiming to get cozy with South Korea’s Kosdaq before dreaming of Wall Street.

Oh, what a delightful drama in the world of crypto! Bithumb, that reliable source of digital currency chaos, has decided to split its already complex operation into two distinct entities. The first, Bithumb Korea, will be doing the heavy lifting—basically focusing on running its core crypto exchange operations. A glorified coin toss for their IPO dreams, if you ask me. Bithumb Korea is all set to seek a public listing, and guess what? The corporate registry has spoken—local media and all that jazz.

Then we have the new kid on the block: Bithumb A. A nice, neat little company that will oversee investments, asset management, and, of course, the latest craze in financial products. It’s almost as if they are saying, “Crypto is fine, but let’s dabble in other wealth-generating strategies. Because why not?” This fresh unit is coming into the world with a fanfare of excitement, on track for a July 31st launch.

Oh, and here’s a twist – Bithumb A will also inherit all the investments that Bithumb has been playing around with, like Bithumb Partners. You know, those NFT and metaverse investments? They’ve now been replaced with good old-fashioned financial products. We’re talking about equities, bonds, and convertible bonds. Classic. Because the metaverse wasn’t quite paying the bills, it seems.

But wait, there’s more! Bithumb’s investment arm, known as Bithumb Investment (get it? investment? They couldn’t be more obvious), will fall neatly under the umbrella of Bithumb A. It’s almost like they’re trying to do some next-level adulting over there.

Now, in case you were wondering about their grand plans for international dominance, Bithumb had been eyeing Nasdaq last year. But they’ve had a change of heart. The real dream now? A listing on South Korea’s Kosdaq first, with a Nasdaq listing somewhere on the backburner. Because why rush into the big leagues when you can take your time, right?

Last year was a little… rocky for Bithumb, but things are looking up. They posted an operating profit of 130.8 billion won (roughly $95 million) in 2024, a glorious comeback from a 149 billion-won loss the year before. Quite the turnaround! I’m sure they’re toasting to that success, or perhaps just toasting to themselves for the sheer drama of it all.

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2025-04-22 12:28