PANews reported on May 20 that according to Bloomberg, Kaiko data showed that Bithumb's share of South Korea's cryptocurrency trading volume has increased from single digits in 2023 to about a quarter. The once leading Korean cryptocurrency exchange is preparing for an initial public offering by the end of 2025. Bithumb has adopted an aggressive marketing strategy to snatch transactions from Upbit, a subsidiary of Dunamu, which almost monopolizes cryptocurrency transactions in South Korea. South Korea is one of the most active regions for cryptocurrency transactions in the world. As of December 2024, there are more than 18 million digital asset investors, accounting for about one-third of the population, holding assets worth about 104 trillion won (about US$74.5 billion), and on some days, the transaction volume even exceeds the Kospi and Kosdaq stock indexes.

The Korean cryptocurrency market is rigid in structure, and regulatory restrictions have caused many small players to withdraw, leaving only Upbit and Bithumb to compete. In 2024, Bithumb returns, expands its market share and turns losses into profits, achieving an operating profit of 130.8 billion won. The key to its recovery lies in the sharp increase in marketing expenses. Currently, Bithumb accounts for about 25% of the market share and has selected Samsung Securities as the main underwriter. It plans to go public in Korea before the end of the year. It has no international expansion plans for the time being, while Upbit attaches more importance to its global status.