Bithumb Splits Itself in Two Ahead of a 2025 IPO, Spinning Off Its Investment and Holding Units

Local media reports that the South Korean cryptocurrency exchange Bithumb is restructuring its operations ahead of a planned initial public offering (IPO)

Bithumb, a prominent South Korean cryptocurrency exchange, is restructuring its operations and splitting into two entities ahead of a planned initial public offering (IPO) in the second half of 2025, local media reports.

The company is spinning off its non-exchange businesses into a new entity, Bithumb A, effective July 31, 2025, according to a report by Korea Economic Daily.

The corporate registry changes show that Bithumb A will house the firm’s investment, holding, and new business divisions, while the original Bithumb entity will continue with cryptocurrency exchange operations.

The spin-off aims to segregate potential risks from non-core activities and enhance operational efficiency, the report adds.

Shareholders will receive a 3:1 ratio of both entities’ shares, reflecting their existing Bithumb holdings. Samsung Securities is appointed as the lead underwriter for the IPO.

Bithumb is considering listing on South Korea’s KOSDAQ or pursuing a dual listing that includes the Nasdaq in the United States.

The company previously attempted a KOSDAQ listing in 2020 but withdrew due to regulatory uncertainties.

In 2024, Bithumb reported a net profit of $110 million, showcasing a 560% increase from the previous year. Despite this growth, the exchange remains second to domestic competitor Upbit in market share.

For instance, over the last day, Upbit recorded $2.24 billion in trade volume while Bithumb reported $934.77 million, according to coinmarketcap.com stats.

The company’s restructuring is presenting a more transparent and focused corporate structure to potential investors.

Moreover, by separating its core exchange business from other ventures, Bithumb aims to mitigate risks and facilitate regulatory compliance.

The company has stated that the spin-off and IPO plans are subject to shareholder approval and regulatory review.

Bithumb has not disclosed specific timelines for the IPO beyond the targeted second half of 2025.