Bithumb’s Comeback: From Crypto Catastrophe to IPO Glory! 🚀💰

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So, Bithumb, the once-mighty titan of South Korea’s crypto jungle, is back on its feet after a series of unfortunate events that could rival a soap opera plot. Can you believe it? They now control a whopping 25% of the country’s crypto trading volume! That’s a leap from the single digits they were wallowing in just last year. Talk about a glow-up! ✨

Remember the $30 million hack in 2018? Yeah, that was a real party pooper. After that, Bithumb faced more technical hiccups and regulatory nightmares than a reality TV star. Upbit swooped in like a superhero, leaving Bithumb in the dust. But hold onto your hats, folks! Thanks to some aggressive marketing and a sprinkle of luck, Bithumb is clawing its way back to the top. Who knew crypto could be so dramatic? 🎭

According to the crystal ball of blockchain analytics, Kaiko, Bithumb’s trading volume is skyrocketing. But let’s not get too carried away; Upbit is still the reigning champ with over 60% of the market. That’s down from a staggering 75% last year, so maybe there’s hope for Bithumb yet! With regulators breathing down Upbit’s neck and competition heating up, it’s like watching a thrilling game of musical chairs. 🎶

And guess what? Bithumb is planning an Initial Public Offering (IPO) by the end of 2025. They’re going to strut their stuff on South Korea’s Kosdaq first, and then maybe take a trip to NASDAQ. But wait, there’s a twist! Bithumb is splitting into two entities:

  • Bithumb Korea will handle the exchange business and lead the Kosdaq listing. Sounds fancy, right?
  • Bithumb A will take care of all the other business shenanigans, like asset management and subsidiaries. Because why not complicate things further? 🤷‍♀️

After this corporate makeover, Bithumb Korea will own 56% of the exchange, while Bithumb A will hold the remaining 44%. And guess who’s the underwriter for the IPO? Drumroll, please… Samsung Securities! 🎉

Now, let’s talk about the South Korean crypto scene. It’s like a high-stakes game of Monopoly, with strict licensing regulations and compliance costs that could make your head spin. Many smaller platforms have been shown the door, leaving only Bithumb and Upbit to duke it out. Foreign exchanges? They’re basically locked out like the last kid picked for dodgeball. 😅

In a twist of fate, some presidential candidates are promising to roll out the red carpet for Bitcoin ETFs and foreign crypto companies. Hong Joon Pyo, from the People Power Party, is even talking about a ₩50 trillion investment in AI, crypto, and blockchain. Sounds great, but we’ve heard these promises before, haven’t we? Will this time be different? Only time will tell, and let’s be honest, we’re all here for the drama! 🍿

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2025-05-20 18:55