Bithumb plans to divide its basic crypto exchange activities from other activities as it reorganizes in preparation for a first public offer (IPO).
The company based in Seoul will separate in half, Bithumb Korea focusing solely on the exploitation of the basic crypto exchange activity. Bithumb Korea will be the entity looking for a public list, reported the local media, citing the country’s business register.
The other unit, a newly created company called Bithumb A, will oversee investment in venture capital, asset management and new commercial initiatives. Restructuring should take effect on July 31.
Bithumb will consolidate the scholarship investment weapons, including Bithumb partners, which has gone from NFT and Metaverse projects to investment in financial products such as shares, bonds and convertible obligations. According to local media, Bithumb is in talks with approved entities to offer these services in the country.
Bithumb Investment, which manages participations in equity and strategic partnerships with external companies, will also fall under the supervision of Bithumb A.
Last year, Bithumb was considering a list of Nasdaq, but now his plans went to a list on Kosdaq in South Korea first, with an American list as a secondary objective.
Bithumb posted an operating profit of 130.8 billion won ($ 95 million) in 2024, overthrowing a loss of $ 149 billion compared to the previous year, local media reported.
