South Korean crypto exchange Bithumb is reportedly considering a big move: listing on the Nasdaq stock exchange.
Bithumb’s US Ambitions
According to Korean news outlet DNews, Bithumb shared its plans with shareholders on Monday. The exchange, currently the second-largest in South Korea by trading volume, is exploring a Nasdaq listing. This isn’t the first time Bithumb has considered going public. Last year, they planned to list on the Korean equivalent of Nasdaq, Kosdaq, aiming to boost their market share and catch up to their top competitor, Upbit.
A Global Expansion
Bithumb is currently the 18th largest crypto exchange globally, while Upbit has climbed to the fifth spot. Bithumb had initially set a target of late 2025 for its Kosdaq listing, but no timeline has been announced for a potential Nasdaq listing.
A Bithumb official stated that “all possibilities are open,” hinting at their interest in both domestic and international markets.
Following Coinbase’s Lead
If Bithumb were to list on Nasdaq, they would join Coinbase as the only other crypto exchange on the US stock market. Coinbase’s public listing in 2021 saw a significant surge in value, with its stock price (COIN) increasing over 50% on the first day of trading.
What’s Next for Bithumb?
While Bithumb’s Nasdaq listing is still in the early stages, it could be a significant step for the crypto exchange and the broader industry. It remains to be seen how the market will react to another major crypto player entering the US stock market.
