outh Korean crypto exchange Bithumb is moving forward with its IPO plans, aiming to go public on the KOSDAQ exchange in the first half of 2026. As part of the process, the company has received regulatory approval to launch a spinoff firm.
Bithumb Restructures in Preparation for Listing
- The newly formed company, tentatively named Bithumb A, will serve as a holding company, focusing on investments and overseeing various business units.
- The current exchange platform will continue operating under the Bithumb name.
- Bithumb has appointed Samsung Securities as its lead underwriter and is now completing due diligence.
The restructuring aims to increase agility and streamline growth strategies by separating business functions.
However, market observers remain cautious due to Bithumb’s complex and opaque ownership structure. Major shareholders include DAA, Vidente, BTHMB, and others holding a combined 25.1% stake, but the true control structure remains unclear.
A securities industry insider noted that “a complex and non-transparent governance structure can create investor anxiety” and stressed the need for greater transparency and corporate responsibility to attract external investment.
Busan Bank Joins Expanding Stablecoin Alliance
Separately, BNK Busan Bank announced that it has joined the Stablecoin Division of the Open Blockchain/DID Association (OBDIA), which was revitalized in April this year.
- OBDIA, originally founded in 2018, recently launched a stablecoin subgroup that now includes major banks such as Kookmin, Shinhan, Woori, Nonghyup, IBK, and K Bank. Toss Bank is also reportedly interested in joining.
- Busan Bank aims to build a digital currency model for use in the Korean market, leveraging its experience with the local stablecoin Dongbaekjeon.
A Busan Bank representative stated:
“Since regulations around stablecoins are still developing, we aim to build capabilities that allow us to respond flexibly. We hope to play a meaningful role when the government institutionalizes stablecoins.”
Meanwhile, South Korean lawmakers are working on a bill to allow private-sector stablecoin issuance, partially lifting a blanket ban on token issuance that has been in place since 2019.
