Bloomberg: Bithumb's market share in South Korea has increased to approximately 25%, and it is actively preparing for an IPO

According to Bloomberg, Kaiko data shows that Bithumb's share in South Korea's cryptocurrency trading volume has increased from single digits in 2023 to about a quarter. This once leading South Korean cryptocurrency exchange is preparing for its initial public offering before the end of 2025. Bithumb adopts an aggressive marketing strategy to compete for trading from Upbit, a subsidiary of Dunamu that almost monopolizes cryptocurrency trading in South Korea. South Korea is one of the most active regions for cryptocurrency trading worldwide. As of December 2024, there are over 18 million digital asset investors, accounting for about one-third of the population, holding assets worth approximately 104 trillion Korean won (about 74.5 billion US dollars), with some days even exceeding the Kospi and Kosdaq stock indices in trading volume. The structure of the South Korean cryptocurrency market is rigid, and regulatory restrictions have led to the withdrawal of many small participants, leaving only Upbit and Bithumb competing. In 2024, Bithumb will return, expand its market share and turn losses into profits, achieving an operating profit of KRW 130.8 billion. The key to its recovery lies in the sharp increase in marketing expenses. At present, Bithumb holds about 25% of the market share and has selected Samsung Securities as the main underwriter. It plans to go public in Korea before the end of the year and has no international expansion plans, while Upbit values its global position more.