Bithumb's Potential IPO Strategy to Surpass Upbit's Market Supremacy
Bithumb, a prominent cryptocurrency exchange in South Korea, is reportedly considering a public listing on Kosdaq in 2025, according to local reports. Insider information suggests that the exchange is also contemplating a future transition to the Korea Exchange (KOSPI) platform.
As per South Korean news outlet Edaily, Bithumb may pursue an initial public offering (IPO) by 2025. Journalist Yoo Kyung Lim highlights that this potential IPO strategy is seen as an ambitious effort by Bithumb to surpass Upbit's market dominance in the country.
Upbit currently holds an 85% share of South Korea's cryptocurrency trading market. To strengthen its governance, Bithumb is focusing on the return of Lee Jung-hoon as the major stakeholder on the company's board.
Sources close to the situation reveal that Bithumb has appointed Samsung Securities as its fund manager, and preparations for the IPO are already underway. While the exchange aims for a listing on Kosdaq, Bithumb has chosen not to comment on these developments when approached by Edaily.
Bithumb's Business Overhaul as Part of IPO Strategy
According to the second-quarter financials, Bithumb currently possesses assets worth 400 billion won, which is approximately $303.56 million. It has also been reported that Sangjun Lee, the former board representative director of Bithumb, has been ousted.
While Bithumb recorded a spot trading volume of $658.58 million in the past 24 hours on November 12, 2023, Upbit surpassed it with a volume six times higher at $3.98 billion. As part of its strategy to go public, Bithumb is undergoing a business overhaul.
The report concludes that Bithumb's IPO will set a precedent in the nation, with Lee Jung-hoon expected to increase his influence to ensure a successful IPO and lead the internal streamlining of the company. On Sunday, the spot BTC prices at Upbit and Bithumb showed a 'kimchi premium,' with South Korea's BTC pricing exceeding global rates by over $350.
What are your thoughts on Bithumb's contemplation of going public on Kosdaq? Share your opinions in the comments section below.
Frequently Asked Questions
Should You Buy Gold?
Gold was a safe investment option for those who were in financial turmoil. Today, many people are looking to precious metals like gold and avoiding traditional investments like bonds and stocks.
While gold prices have been rising in recent years they are still low relative to other commodities, such as silver and oil.
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They also noted that gold is growing in popularity because of its perceived value as well as potential return.
Consider these things if you are thinking of investing in gold.
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There are many advantages to a gold IRA. It's an investment vehicle that lets you diversify your portfolio. You have control over how much money goes into each account.
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You might want to buy more gold if you intend to keep your gold IRA for a long time. One ounce doesn't suffice to cover all your needs. You could need several ounces depending on what you plan to do with your gold.
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The supply and demand for gold affect the price of gold. It is also affected by interest rates.
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- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
A rising trend in gold IRAs
The gold IRA trend is growing as investors seek ways to diversify their portfolios while protecting against inflation and other risks.
Owners of the gold IRA can use it to invest in physical bars and bullion gold. It is tax-free and can be used by investors who aren't concerned about stocks and bond.
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By: Jamie Redman
Title: Bithumb Considering Public Listing on Kosdaq in 2025: Insider Reports
Sourced From: news.bitcoin.com/south-korean-crypto-exchange-bithumb-eyes-ipo-in-move-to-challenge-upbits-market-dominance/
Published Date: Sun, 12 Nov 2023 23:00:19 +0000