South Korean crypto trading platform Bithumb is still well invested in its push for a public debut via IPO, as it unveiled a new entity focused on investments
Bithumb has plans to spin off its non-exchange businesses into a separate entity. According to the South Korean cryptocurrency exchange, this restructuring process is important to compartmentalize and strengthen its business division. Notably, Bithumb is making this move as it prepares for its Initial Public Offering (IPO) this year.
New Date For Bithumb Spin-off
On Monday, Bithumb shared a statement about the new development on South Korea’s official electronic disclosure system, DART. Before this time, the spin-off was postponed, but is now scheduled for July 31, 2025. Bithumb A will be the title of the spun-off entity, although its official English name has not been announced.
The new company will include Bithumb Holdings and Bithumb Investment. Bithumb Korea operates the exchange and will remain under the current structure.
Bithumb went on to explain the goal behind the spin-off and the establishment of independent accountability divisions, citing that it would help prevent the “risks originating from non-exchange businesses from spreading to the exchange business.”
The South Korean crypto exchange is also keen on maximizing corporate efficiency.
To achieve this, it wants to enhance the expertise and competitiveness of each business division arising from the restructuring. Meanwhile, the existing Bithumb and the new entity would have a share distribution ratio of around 56:44 in the spin-off.
Bithumb Rebrands as Upbit Gains Market Shares
It is worth noting that the cryptocurrency exchange Bithumb Meta had earlier rebranded to Bithumb Partners.
A statement clarified that Bithumb Partners would focus on short-term stationary investment businesses like debt instruments, convertible bonds, and stocks. The rebranding was mandated by the losses that Bithumb had experienced previously.
It started in 2023 when it dropped to less than 10% market share, as against 70% in 2017. The dip was attributed to competitors, who slashed Bithumb’s share by offering lower fees and services alongside aggressive marketing strategies. Amidst this challenge, Upbit, a core competitor of the crypto exchange, moved to handling over 61% of Korea’s daily crypto trading volume.
Upbit has exceeded the $1.17 billion daily transaction mark. Still, these numerous setbacks have not deterred Bithumb from improving or growing.
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