Bithumb to Split in Two as Crypto Exchange Inches Toward South Korean IPO

Bithumb plans to split its core crypto exchange business from other activities as it reorganizes in preparation for an initial public offering (IPO).

The Seoul-based company will split in two, with Bithumb Korea focusing solely on operating the core crypto exchange business. Bithumb Korea will be the entity seeking a public listing, local media reported, citing the country’s corporate registry.

The other unit, a newly created company called Bithumb A, will oversee venture investments, asset management and new business initiatives. The restructuring is set to take effect on July 31.

Bithumb A will consolidate the exchange’s investment arms, including Bithumb Partners, which has shifted from NFT and metaverse projects to financial product investments such as equities, bonds and convertible bonds. According to local media, Bithumb is in talks with licensed entities to offer these services in the country.

Bithumb Investment, which manages equity stakes and strategic partnerships with external companies, will also fall under Bithumb A’s oversight.

Last year Bithumb was said to be considering a NASDAQ listing, but now its plans have shifted to a listing on South Korea’s Kosdaq first, with a U.S. listing as a secondary objective.

Bithumb posted an operating profit of 130.8 billion won ($95 million) in 2024, reversing a 149 billion-won loss from the previous year, local media reported.