{"id":90277,"date":"2024-03-24T23:57:40","date_gmt":"2024-03-25T03:57:40","guid":{"rendered":"https:\/\/ifintechworld.com\/?p=90277"},"modified":"2024-03-24T23:57:42","modified_gmt":"2024-03-25T03:57:42","slug":"bithumb-ipo-plans-accelerate","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=90277","title":{"rendered":"Bithumb IPO Plans \u2018Accelerate\u2019"},"content":{"rendered":"
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The South Korean exchange Bithumb is looking to step up its IPO plans \u2013 and could look to launch a fast-tracked initial public offering as the crypto bull market continues.<\/p>\n

Per Hanguk Kyungjae, Bithumb is looking to \u201caccelerate\u201d its proposed KOSPI listing.<\/p>\n

Bithumb IPO: Exchange Takes Decisive Steps<\/h2>\n

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The media outlet reported that Bithumb announced that the exchange will spin off its holdings operations into a separate company. It is tentatively naming this firm Bithumb Investment.<\/p>\n

The firm published a regulatory filing document on March 22 detailing its plans.<\/p>\n

The new firm will take control of Bithumb\u2019s holdings, investments, and real estate operations.<\/p>\n

Meanwhile, the entity currently known as Bithumb Korea will focus on operating the crypto trading platform.<\/p>\n

The company plans to divide shares in Bithumb using a 6:4 ratio. It will put the plan before a meeting of shareholders on May 10.<\/p>\n

If the shareholders approve, Bithumb Investment will officially launch on June 13, the media outlet reported.<\/p>\n

Shareholders will reportedly be told they will \u201creceive new shares in the new corporation in proportion to their existing shares.\u201d<\/p>\n

The firm made no mention of ongoing court cases, including a probe into alleged market manipulation supposedly conducted by the mysterious \u201creal\u201d owner of Bithumb.<\/p>\n

Instead, it appears the firm wants to distance itself from such matters. It seems to want the IPO\u2019s success or otherwise to stem from its core exchange business.<\/p>\n

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Foreign investors have extended their buying streak, acquiring a net purchase of 14.401 trillion won in #KOSPI<\/a> #stocks<\/a> so far this year, according to the #Korea<\/a> Exchange. This figure far exceeds last year\u2019s total net purchases of 11.424 trillion won.https:\/\/t.co\/LiPQxxVfCW<\/p>\n

\u2014 The Chosun Daily (@EnglishChosun) March 24, 2024<\/a><\/p>\n<\/blockquote>\n

Could Bithumb Bring Forward its Listing Plans?<\/h2>\n

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Bithumb-related business has boomed in recent months. The firm was, until recently, offering commission-free trading in a bid to claw back market share from its biggest rival Upbit.<\/p>\n

A retail Bitcoin (BTC) trading renaissance has also seen trading volumes rise in South Korea. The nation is famously crypto-keen. But it has a tiny pool of platforms that have fiat-crypto trading licenses.<\/p>\n

Trading volumes on the Bithumb crypto exchange over the past 12 months. (Source: CoinGecko)<\/figcaption><\/figure>\n

The exchange hopes that the spinoff will \u201cfurther increase the possibility of IPO launch\u201d by creating an entity that is \u201ccentered on the exchange business,\u201d the media outlet noted. It added:<\/p>\n

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\u201cNew businesses outside core exchange operations will be pursued with speed through new corporations \u2013 without being restricted by the Bithumb IPO bid.\u201d<\/p>\n<\/blockquote>\n

A Bithumb spokesperson said the move would \u201cpromote efficiency.\u201d The official added that it would also \u201cboost the growth\u201d of \u201cexchange operations\u201d with \u201cseparate ownership\u201d models.<\/p>\n

Bithumb has previously said it is eyeing a 2025 KOSPI debut. The new move could potentially see the exchange fast-track its listing.<\/p>\n

Regardless of the timing, however, the exchange is likely to win its bid to become the first South Korean trading platform to go public.<\/p>\n

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\ud83c\uddf0\ud83c\uddf7 South Korea\u2019s Crypto-keen K Bank Aims for IPO Amid BTC Boom<\/p>\n

K Bank, a South Korean neobank that has seen rapid growth thanks largely to its crypto operations, is set to make an initial public offering (IPO) bid.#CryptoNews<\/a> #news<\/a>https:\/\/t.co\/C0HqMWCHSL<\/p>\n

\u2014 Cryptonews.com (@cryptonews) March 11, 2024<\/a><\/p>\n<\/blockquote>\n

Upbit\u2019s operator Dunamu is considered \u201ctoo large\u201d to debut on the KOSPI. Talk of a Coinbase-inspired NYSE Dunamu listing went cold during the 2022 bear market.<\/p>\n

Trading volumes on the Upbit crypto exchange over the past 12 months. (Source: CoinGecko)<\/figcaption><\/figure>\n

However, another Upbit-related firm is also looking to launch its own IPO bid, namely the neobank K Bank.<\/p>\n

K Bank provides fiat on\/off ramp-style banking services to Upbit customers. The partnership has seen K the Bank user base grow exponentially over the past few years, and could also see the bank launch on the KOSPI in the near future.<\/p>\n<\/p><\/div>\n