Bithumb Shakes Up Structure, Eyes Nasdaq in Bold IPO Move

Crypto Giant Splits Holdings, Investment Units

Hold onto your hats, crypto fans! South Korea's Bithumb is not just playing around – they're getting serious about going public. The crypto exchange is slicing up its holding and investment units into a fresh company this summer, setting the stage for a blockbuster IPO. They've got their sights set on Nasdaq, according to their latest regulatory filing that's got the market buzzing.

Mark your calendars for July 31 – that's when Bithumb's grand corporate split goes down. They're spinning off Bithumb Holdings and Bithumb Investment into a new beast called Bithumb A. Why the split? Bithumb says it's all about managing risk and keeping each unit laser-focused on their game. Meanwhile, Bithumb Korea, the exchange itself, stays put in the current structure.

Get ready to cast your vote, shareholders – June 12 is your day to decide on this game-changing plan. Bithumb's not just thinking local; they're eyeing global markets too. They're "reviewing" a potential Nasdaq listing, and they're not holding back. Bithumb A? It's going to be a powerhouse with a bunch of domestic and foreign subsidiaries under its wing.

This move comes hot on the heels of Bithumb dropping their 2024 financials, and boy, are they looking good. They flipped an operating loss of 14.8 billion won in 2023 into a sweet 130.7 billion won profit – that's about $90.1 million for those counting at home. Revenue? It skyrocketed 265.4% to 496.3 billion won. Bithumb says it's all thanks to the crypto market's comeback.

But it's not all sunshine and rainbows. Bithumb's been dealing with some legal drama too. Back in March, South Korean prosecutors raided their headquarters, digging into claims that the ex-CEO used company funds to snag an apartment. Talk about a plot twist!