Bithumb IPO Plans ‘Accelerate’ as South Korean Crypto Exchange Eyes Public Listing
The South Korean exchange Bithumb is looking to step up its IPO plans – and could look to launch a fast-tracked initial public offering as the crypto bull market continues.
Per Hanguk Kyungjae, Bithumb is looking to “accelerate” its proposed KOSPI listing.
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.
The firm published a regulatory filing document on March 22 detailing its plans.
The new firm will take control of Bithumb’s holdings, investments, and real estate operations.
Meanwhile, the entity currently known as Bithumb Korea will focus on operating the crypto trading platform.
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.
If the shareholders approve, Bithumb Investment will officially launch on June 13, the media outlet reported.
Shareholders will reportedly be told they will “receive new shares in the new corporation in proportion to their existing shares.”
The firm made no mention of ongoing court cases, including a probe into alleged market manipulation supposedly conducted by the mysterious “real” owner of Bithumb.
Instead, it appears the firm wants to distance itself from such matters. It seems to want the IPO’s success or otherwise to stem from its core exchange business.
Foreign investors have extended their buying streak, acquiring a net purchase of 14.401 trillion won in #KOSPI #stocks so far this year, according to the #Korea Exchange. This figure far exceeds last year’s total net purchases of 11.424 trillion won.https://t.co/LiPQxxVfCW
— The Chosun Daily (@EnglishChosun) March 24, 2024
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