South Korean cryptocurrency exchange Bithumb is preparing to conduct an initial public offering (IPO), choosing Samsung Securities as an underwriter.
Bithumb decided to take this step, despite the potential problems with its “market attractiveness” and the possibility of an objective assessment. The situation is aggravated by the internal problems of the company and the uncertainty in the field of regulation of cryptocurrencies.
At the end of last year, the South Korean tax authority issued Bithumb an invoice for more than 80 billion ($68.9 million) for the operations of its foreign customers.
The largest holders of stock exchanges (almost 74%) is Bithumb Holdings. Previously, the company had already tried to gain public status in the US market through a reverse takeover transaction, but the goal was never successfully realized. The hope is now with the assistance of Samsung Securities this will all change for the Korean crypto-exchange.
Bithumb’s net profit last year amounted to $30.5 million.