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- Bithumb has reclaimed 25% of South Korea’s crypto market share ahead of its $1 billion IPO, marking a major comeback in 2024.
- A $144 million marketing blitz and operational restructuring helped revive user trust and boost trading activity.
- IPO plans are in motion with Samsung Securities, including a KOSDAQ listing and potential NASDAQ dual listing to attract global investors.
Bithumb, South Korea’s largest cryptocurrency exchange by trading volume, has staged a dramatic comeback in 2024, reclaiming over a quarter of the country’s digital asset trading market. This resurgence comes just as the exchange gears up for its highly anticipated $1 billion initial public offering (IPO), expected in the second half of 2025.
Once a market leader, Bithumb had seen its dominance slip over the past few years due to security breaches, regulatory scrutiny, and rising competition, particularly from Upbit, its biggest rival. However, recent data shows that Bithumb has bounced back with renewed strength, now holding around 25% of South Korea’s crypto trading volume, according to blockchain analytics firm Kaiko. At its peak in early 2024, the platform reached as high as 36% market share, signaling a major shift in the country’s digital currency ecosystem.
Bithumb’s rise marks a sharp turnaround from its challenges after a 2018 hack that resulted in a loss of approximately $30 million. Following that, regulatory investigations and internal management issues further damaged its reputation. During this period, Upbit surged ahead, capitalizing on its digital-first partnership with KBank, which offered fully online customer onboarding, a critical advantage in South Korea’s tightly regulated financial environment.
Bithumb Prepares for KOSDAQ IPO After 144M Marketing Blitz
In response, Bithumb launched an aggressive marketing campaign in 2024, increasing its promotional budget by more than 1,000%, from ₩16 billion (about USD 12 million) in 2023 to ₩192 billion (about USD 144 million) in 2024. The significant investment paid off, restoring user trust and significantly boosting trading activity on the platform.
Now, Bithumb is preparing to go public, with Samsung Securities as the lead underwriter. The company plans to list on the KOSDAQ, South Korea’s tech-focused stock exchange, and is exploring a dual listing on the NASDAQ to attract international investors. As part of its IPO preparation, Bithumb has restructured its operations by spinning off non-core business units, including NYC 5G (Bithumb A), which was officially separated on July 31, 2025. This strategic move is designed to simplify the company’s corporate structure and focus on its core exchange functions.
Despite its resurgence, Bithumb remains under regulatory pressure. In early 2025, the Financial Services Commission (FSC) raised concerns about possible KYC violations involving more than 400 user accounts. These compliance challenges highlight the strict regulatory environment in South Korea, where even minor infractions can lead to severe penalties or suspension of business operations.
Bithumb Comeback Signals Crypto Power Shift in South Korea
Bithumb’s return also signals a broader shift in South Korea’s crypto landscape. Once dominated entirely by Upbit, the market is now effectively a two-player race, as smaller exchanges have either exited or been regulated out of the space. Even global players like Binance have struggled to navigate South Korea’s stringent data privacy and financial laws.
With a strong market presence restored and IPO plans well underway, Bithumb is not just aiming to raise capital; it is working to re-establish itself as a trusted, transparent leader in the global crypto economy. The coming months will be critical as the exchange balances growth ambitions with the ever-tightening grip of regulatory oversight.
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