In this post:
- From single digits in 2023, Bithumb today controls 25% of the South Korean cryptocurrency market.
- By late 2025, Samsung Securities will be the primary underwriter for the platform’s $1 billion initial public offering (IPO) on Korea’s KOSDAQ.
- The exchange still operates under strict South Korean restrictions and has problems with KYC compliance.
Ahead of its planned $1 billion initial public offering (IPO) in late 2025, Bithumb, the largest cryptocurrency exchange in South Korea by trading volume, has recovered, effortlessly reclaiming over 25% of the nation’s total digital currency trading volume.
Bithumb has had a turbulent 12 months, so the gain is a welcome return to form. With more than 70% of trade volumes, Bithumb, which was founded in 2014 under the name Xcoin and renamed in 2015, used to be the dominant player in South Korea.
But after several breaches, including one in 2018 that cost it roughly $30 million, the exchange started to wane. In the meantime, rival Upbit gained notoriety after collaborating with internet-only Kbank to facilitate the digital processing of new exchange users.
However, Bithumb returned with a bang in 2024. From 16 billion won in 2023 to 192 billion won in 2024, it more than tenfold increased marketing costs.
According to data from market data source Kaiko, in January 2024, Bithumb owned 36% of the trade. The company has retained about 25%, albeit those numbers have recently decreased. Compared to its high single-digit market share in the beginning of 2023, that is a significant increase.
Bithumb’s unexpected comeback is causing chaos in a market where Upbit has long had a monopoly-like hold.
Upbit was able to introduce a digital onboarding process for clients and was a key growth engine for Kbank for many years. However, Bithumb’s comeback suggests that the market is now more competitive. Setting the stage for a public listing, Bithumb
Bithumb is now preparing for its first public offering
The exchange is currently rushing to meet its IPO targets of $1 billion.with Samsung Securities serving as the primary underwriter, a listing is planned for the second half of 2025.
According to KRX, the bourse intends to list the KOSDAQ stock market in South Korea and is thinking about dual listing the cryptocurrency exchange operator on the NASDAQ market in the US in order to draw inmore international investors.
Bithumb has already broken its non-exchange businesses into smaller units to make the company easier to manage ahead of the IPO chase. NYC 5G (Bithumb A) was spun off on 31 July 2025. This move is intended to simplify its corporate setup and remove core trading functions from other projects, such as “blockchain research, consulting, and NFT efforts.”
Solid financials back Bithumb, and its upcoming IPO is seen as a strategic step toward greater transparency. The move comes as the company works to rebuild trust following past controversies, including investigations into former executives over allegations of fraud and embezzlement.
Bithumb remains under regulatory scrutiny
Despite a few recent wins, Bithumb remains under intense regulatory scrutiny. South Korea enforces some of the world’s strictest crypto regulations, where violations can result in severe penalties.
In the first half of 2025, Bithumb was warned about potential regulatory suspension due to Know Your Customer (KYC) regulations. The Financial Services Commission had to develop a countermeasure for over 400 suspected user accounts.
That backdrop has pushed many smaller Korean crypto exchanges out of the business. Only two big players remain in the country: Bithumb and Upbit. International exchange players like Binance also encountered challenges from the authorities, and the tight data privacy law proved difficult to sidestep.
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