Bithumb Initiates Spinoff in Pursuit of IPO as Additional Banks Join Stablecoin Alliance

The South Korean cryptocurrency exchange Bithumb is preparing to establish a spinoff company as it advances its initial public offering (IPO) ambitions.

The trading platform has confirmed that it remains on course to launch on the KOSDAQ exchange in the first half of 2026.

Nevertheless, insiders in the South Korean market are reportedly cautious regarding ongoing ownership issues prior to the anticipated launch.

In the meantime, an increasing number of domestic banks are joining a stablecoin consortium with the intention of co-launching KRW-pegged tokens.

Bithumb Spinoff Receives Approval

The South Korean news outlet News Tomato reported that Bithumb’s IPO process has commenced in earnest following a Supreme Court decision that cleared former Bithumb Holdings Chairman Lee Jung-hoon of fraud allegations in March of this year.

Trading volumes on the Bithumb crypto exchange over the past month. (Source: CoinGecko)

Following the ruling, Bithumb requested the regulatory Financial Services Commission (FSC) to endorse its spinoff plans in April.

The FSC was not entirely satisfied with the initial submission, but Bithumb has since revised its application twice.

By the end of June, the FSC ultimately granted approval for a plan that allows Bithumb to continue operating its existing exchange platform under its current name.

New Entity Will Function as Holding Company

The newly formed entity, provisionally named Bithumb A, will serve as a holding company. It will also lead new business investments related to Bithumb.

Bithumb has appointed Samsung Securities as its lead manager for the KOSDAQ listing. The company is currently finalizing due diligence procedures.

South Korean lawmakers quiz Financial Services Commission (FSC) officials at a session in the National Assembly late last month. (Source: MBC/Screenshot)

Bithumb stated that its “restructuring” aims to enhance growth strategies for each of its business divisions “by separating their functions.”

This initiative will enable Bithumb to “secure agility in new business opportunities,” the exchange asserted.

However, the media outlet noted that the market remains “still cautious” about an “opaque governance structure” that “could undermine investor confidence.”

Currently, Bithumb is owned by Bithumb Holdings, with the companies DAA, Vidente, and BTHMB holding significant stakes. Other shareholders possess a 25.1% stake in the firm.

Nonetheless, the media outlet reported that the “actual control structure” among these entities “has not been clearly disclosed.”

An anonymous insider from the domestic securities industry remarked that a “complex and opaque governance structure cannot help but foster anxiety among investors.”

The insider indicated that to attract capital from external investors, Bithumb must exhibit a “high level of transparency and social responsibility.”

Busan Bank Joins Stablecoin Consortium

Meanwhile, the South Korean news agency Yonhap reported that BNK Busan Bank announced on June 2 that it has officially become a member of the Stablecoin Division at the Open Blockchain/DID Association (OBDIA).

The bank further stated that it has initiated extensive joint research projects centered on stablecoins.

OBDIA was established as a blockchain-focused non-profit organization in 2018. However, in April of this year, the group revitalized itself by adding a stablecoin subgroup.

A number of major banks have joined the division, including prominent institutions such as Kookmin, Shinhan, Woori, Nonghyup, and IBK Industrial Bank.

One of the nation’s largest umbrella labor groups, the Korean Confederation of Trade Unions, said Wednesday it will stage a two-day, large-scale strike later this month to demand the government again push for a pro-labor act.https://t.co/U5CFKhuK2y

— The Korea Herald 코리아헤럴드 (@TheKoreaHerald) July 2, 2025

The neobank K Bank has also joined OBDIA, with its online competitor Toss Bank reportedly interested in becoming a member as well.

Yonhap reported that Busan Bank aims to develop a “digital currency model” that can be utilized in the South Korean market.

The bank believes that its experience with the blockchain-based local stablecoin Dongbaekjeon will be highly valuable. A spokesperson for Busan Bank elaborated:

“Since stablecoin-related regulations are still in progress, we need to develop capabilities that let us respond to various scenarios with flexibility. We want to play a meaningful role [once the government] institutionalizes [stablecoins].”

Lawmakers are advancing efforts on a bill that seeks to establish the framework for the issuance of private-sector stablecoins.

This initiative will partially reverse a ban on all forms of token issuance that has been in effect since 2019.

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