- Bithumb IPO could pave the way for many cryptocurrency companies to go public.
- A reverse IPO deal with Blockchain Industries in January 2019 did not sail through.
The operator of South Korea-based Bithumb exchange is looking towards taking the company public. The listing is expected to go through an initial public offering (IPO). Going public has become the goal for many cryptocurrency projects and companies. Bitmain, the leading ASIC mining chip and equipment manufacturer filed for an IPO not long ago but the plans did not materialize. Ripple, the company that issues XRP tokens is also hoping to go public in the future.
In January 2019, CoinDesk reported that BTHMB Holdings, Bithumb holding company had signed an agreement with Blockchain Industries, a company that mainly trades on the US over-the-counter (OTC) markets for a reverse merger. A reverse merger is also referred to as a reverse IPO. In other words, a private company acquires an already public listed firm in order to circumvent the tedious process of carrying out an IPO. At the time, the CEO of Blockchain Industries, Patrick Moynihan said:
By merging with BTHMB/BXA, we expect to bring more advanced technology and better compliance practices into the public marketplace via a consolidated focus.
Although the deal did not sail through, Bithumb operator has evidently not lost focus on taking the firm public. It has not been communicated how the IPO will be conducted or on which exchange the company will be listed.