Crypto Exchange Bithumb to Divide Operations as It Prepares for Seoul Listing

Bithumb Sets Stage for IPO with Major Corporate Split

South Korean crypto exchange Bithumb is restructuring its operations as it lays the groundwork for a public debut, a move confirmed by recent filings in the country’s corporate registry.

The company will divide into two distinct entities. Bithumb Korea will continue to operate the core cryptocurrency exchange and will serve as the vehicle for the company’s planned initial public offering (IPO) on the Kosdaq. A U.S. listing remains a longer-term goal, but local media say the focus is now firmly on debuting in South Korea first.

The newly formed Bithumb A will handle the company’s broader business portfolio, including venture capital, asset management, and exploratory business development. The split will become official on July 31, signaling a shift toward a more specialized and streamlined operational model.

Bithumb A will absorb subsidiaries like Bithumb Partners, which has transitioned from NFT and metaverse-related ventures to more traditional financial products such as equities, bonds, and convertible instruments. The company is reportedly engaging with licensed domestic partners to expand these services.

Additionally, Bithumb Investment, which oversees strategic equity stakes and alliances with external firms, will also come under Bithumb A’s umbrella.

After a challenging 2023, Bithumb rebounded in 2024, posting 130.8 billion won (~$95 million) in operating profit, reversing a 149 billion-won loss from the previous year — a turnaround that strengthens its IPO narrative.