Bithumb Claws Back 25% Market Share in Korea Ahead of IPO

South Korea’s second-largest crypto exchange, Bithumb, is staging a strong comeback.
Once a dominant leader in the country’s crypto market, Bithumb has surged back to capture 25% of the market share, marking a significant recovery as it prepares for a highly anticipated initial public offering (IPO) by late 2025.

A Strategic Turnaround After Years of Setbacks

Bithumb’s resurgence follows a period of decline triggered by major setbacks, including a $30 million security breach in 2018. However, through aggressive marketing campaigns and with regulatory challenges plaguing its chief competitor, Upbit, the platform has successfully regained ground.

According to Kaiko’s latest data, Bithumb’s market share has soared from single digits in 2023 to 25% at press time, even peaking at 33% in Q1 2024 before stabilizing. While Upbit remains the market leader with 60% share, its dominance has slipped from 75% a year ago.

IPO Plans and Corporate Restructuring

Bithumb is moving ahead with its IPO plans, aiming for a Kosdaq listing by late 2025, followed by a potential NASDAQ debut to attract both domestic and international investors. Samsung Securities has been appointed as the lead underwriter for the offering.

In preparation, Bithumb will restructure its corporate framework on July 31, 2025, splitting into two entities:

Bithumb Korea — focused solely on the exchange business and IPO.

Bithumb A — managing other ventures like asset management, private investments, and subsidiaries including Bithumb Partners and Bithumb Investment.

Post-split, Bithumb Korea will hold a 56% stake in the exchange business, while Bithumb A will retain the remaining 44%.

South Korea’s Crypto Market: A Two-Player Race

South Korea’s crypto market remains one of the world’s most tightly regulated, with strict licensing, close ties to the banking sector, and high compliance standards. This has driven out smaller exchanges, leaving Upbit and Bithumb as the two dominant players.

While foreign exchanges face heavy restrictions, the country’s crypto policy landscape might shift. Several candidates in the upcoming South Korean presidential election have expressed pro-crypto views, advocating for Bitcoin ETFs and greater foreign participation in local markets.

Source: CCN

Voice of Osiz

Bithumb’s comeback is a testament to how quickly market dynamics can shift in tightly regulated crypto ecosystems. With Upbit losing ground and regulatory reforms looming, the stage is set for a fiercer two-horse race in South Korea. The upcoming IPO isn’t just a financial event — it’s a strategic play that could redefine exchange competitiveness in Asia’s digital asset market.