Bithumb plans corporate restructuring ahead of IPO, exploring potential Nasdaq listing despite legal challenges - IcoHolder.

South Korean cryptocurrency exchange Bithumb is preparing for a significant corporate restructuring as it moves closer to its long-awaited initial public offering (IPO). According to a regulatory filing, Bithumb will split its holding and investment operations into a new company, Bithumb A, in an effort to streamline operations and mitigate risk. The restructuring, scheduled for July 31, will create a separate entity encompassing Bithumb Holdings and Bithumb Investment, while Bithumb Korea, which operates the exchange, will retain its current structure.

The restructuring plan will be presented to shareholders at a meeting on June 12, and if approved, it will pave the way for the company to sharpen its business focus. As part of its expansion strategy, Bithumb has indicated that it is exploring the possibility of going public not only in South Korea but also overseas, with a potential Nasdaq listing under review.

Bithumb’s move to restructure comes shortly after the company reported positive financial results for 2024. The exchange posted an operating profit of 130.7 billion won (approximately $90.1 million), reversing a loss from the previous year. Revenue surged by 265.4% year-over-year, reaching 496.3 billion won, largely attributed to the recovery of the cryptocurrency market.

This positive momentum, however, comes despite ongoing legal challenges. In late March, South Korean prosecutors raided Bithumb’s headquarters over allegations that the company’s funds were misused by its former CEO to purchase an apartment. Despite the legal issues, the exchange appears to be moving forward with its IPO plans, signaling its ambition to expand on the global stage.