A look at Seoul-based Bithumb ahead of its 2025 IPO; Kaiko says Bithumb had 36% of South Korea's crypto trading in January 2024, up from 11.5% in January 2023
Sidhartha Shukla / Bloomberg :
Context & Ripple Effects
Bithumb has previously paired ownership changes with expansion ambitions, including a 2018 sale of more than 38% of its ownership and plans for a decentralized exchange aimed at overseas markets. Its current public-market preparation shifts attention from those strategic moves to the durability of its domestic trading position.
The company was also once reported as a potential acquisition target in FTX’s talks to acquire Bithumb. The reported increase in South Korean trading share gives the IPO narrative a concrete operating metric rather than relying solely on the exchange’s historical prominence.
First-order effects
- Bithumb can present its rise from 11.5% to 36% of South Korean crypto trading as evidence of stronger market relevance while it prepares for an IPO.
- Prospective IPO investors gain a clear benchmark to test: whether Bithumb can sustain the trading share Kaiko measured in January 2024.
Second-order effects
- Other South Korean exchanges face a more formidable liquidity competitor if Bithumb’s share holds, increasing pressure to retain active traders and trading volume.
- The IPO will put added emphasis on market-share quality—especially whether volume gains translate into a durable competitive position rather than a temporary shift in activity.
Third-order effects
- If Bithumb sustains its position through a listing, public-market disclosure could make exchange market-share performance a more visible basis for comparing South Korean crypto platforms.
- The story points to a potentially more concentrated local exchange market, though one month’s share figure alone cannot establish a lasting structural change.
The trend: Crypto exchanges are increasingly being judged as capital-markets candidates on measurable liquidity share and the durability of their trading franchises.