Bithumb Restructures Ahead of IPO, Splitting Core Exchange from Investments

South Korean crypto giant Bithumb is undergoing a major transformation as it gears up for a long-anticipated initial public offering (IPO). According to a recent corporate registry filing, the exchange has created a new entity as part of a strategic split designed to streamline operations and boost investor appeal.

The company will now operate under two separate arms. Bithumb Korea, which will handle the core crypto exchange business, is the unit set to pursue a public listing on the Kosdaq, South Korea’s tech-focused stock exchange. A U.S. IPO could still be on the horizon, but it’s now seen as a secondary objective.

The newly established Bithumb A will serve as the company’s innovation and investment hub, overseeing areas such as venture capital, asset management, and new business initiatives. The split is scheduled to take effect on July 31, marking a significant milestone in Bithumb’s evolution.

Under Bithumb A, subsidiaries like Bithumb Partners — which has recently pivoted away from Web3 and NFT ventures toward more traditional financial products like stocks and bonds — will be consolidated. The company is also reportedly in talks with licensed financial institutions to expand these offerings in the domestic market.

Meanwhile, Bithumb Investment, responsible for managing equity stakes and strategic partnerships, will also be brought under the new structure.

The reorganization comes on the heels of a financial rebound for Bithumb. After posting a 149 billion-won loss in 2023, the company swung back to profit in 2024 with an operating gain of 130.8 billion won (around $95 million) — a turnaround that strengthens its IPO pitch.