This article was published on June 2, 2025, at 9:15 a.m. on the ChosunBiz MoneyMove website.
The virtual asset exchange Bithumb will fully embark on its initial public offering (IPO) procedures in the first half of next year. The initial public offering plan, which aimed for the second half of this year, appears to have been postponed as the spin-off, which is a preliminary step for listing, has been delayed from the original schedule. Bithumb is currently conducting partitioning work to separate its transaction business sector from its non-transaction business sector.
According to the financial investment industry on the 2nd, Bithumb plans to apply for a preliminary review for listing on the KOSDAQ market at the Korea Exchange in January next year. Considering that the preliminary review period at the Korea Exchange is 60 days, it is expected that Bithumb will submit its securities registration statement in early March. Recently, Bithumb selected Samsung Securities as its underwriter for the listing and is currently conducting due diligence.
Bithumb submitted a securities registration statement on April 22 of this year to separate its virtual asset exchange business from its non-exchange business sector. However, the Financial Supervisory Service (FSS) requested a correction statement about a week later, putting a halt to the spin-off plan. At that time, the FSS pointed out that the explanation regarding the spin-off was insufficient and the overall quality of the content was lacking.
The specific details of the spin-off involve separating the exchange business sector from the non-exchange business sector, then pushing for the listing of the partitioned remaining company (exchange business sector), while the partitioned new company (non-exchange business sector - Bithumb A) will remain a non-listed entity dedicated to discovering new businesses. A company representative explained, "Bithumb A will be responsible for new business development including venture investment business, discovering new businesses unrelated to the blockchain industry, and pursuing mergers and acquisitions (M&A) through strategic investments (SI)."
Bithumb's spin-off is a preliminary measure for listing. Bithumb prepares its financial statements under the general corporate accounting standards, not the Korea-adopted International Financial Reporting Standards (K-IFRS), with its subsidiary's performance recorded on an equity method. It is analyzed that the continued deficit from the subsidiary directly impacts Bithumb's performance, which is why the spin-off is being pursued. Many evaluations suggest that separating only the exchange business sector for listing will facilitate the approval process for listing at the Korea Exchange.
Bithumb had also prepared for listing in 2020 but abandoned the plan. If Bithumb succeeds in its listing in the first half of next year, it will mark the first instance among domestic virtual asset exchanges. Initially, there were reports that Bithumb was considering a listing on NASDAQ, but it has been confirmed that the company is focused on listing on the KOSDAQ market.
Bithumb emphasized, "This spin-off is a strategic decision to fully reflect the independence of the exchange business and corporate value, and it is a crucial structural reorganization for the IPO," adding, "Bithumb A will focus on enhancing expertise and discovering new businesses, so currently, there are no plans being considered for listing at all."