Bithumb grabs 25% of Korea’s crypto market ahead of $1B IPO
South Korea’s biggest crypto exchange by trading volume, Bithumb, has bounced back, easily regaining more than a quarter of the country’s total digital currency trading volume ahead of its anticipated $1 billion IPO in late 2025.
The rise is a welcome return to form for Bithumb, which has had a torrid 12 months. Founded in 2014 under the name Xcoin and rebranded in 2015, Bithumb once ruled the roost in South Korea with over 70% of trading volumes.
However, the exchange began to fade after suffering hacks, including one in 2018 that saw it lose about $30 million. Meanwhile, rival Upbit rose to prominence after partnering with internet-only Kbank, which could help process new exchange users digitally.
But by 2024, Bithumb came roaring back. It raised marketing expenses more than tenfold to 192 billion won in 2024, from 16 billion in 2023.
