The Wild Ride of Bithumb: Crypto, Chaos, and Cash—Nasdaq, Here We Come! 🚀

by

Ah, the restless spirit of man! Even in the cold, unforgiving world of cryptocurrency, the South Korean exchange known as Bithumb finds itself torn asunder, cleaving its mighty investment and holding arms like some weary soul seeking solace before the grand ball of the stock market. Is this not the eternal dance of ambition and despair?

Behold, Bithumb declares its intention to birth a new creation this summer: a company they call Bithumb A. This child of division shall house the tangled mess of Bithumb Holdings and Bithumb Investment, as though the universe itself whispered that separation may bring clarity amidst the chaos. The date is marked—July 31—etched into the ledger like a sentence awaiting its doom or deliverance.

The old guardians of Bithumb Korea, the few who remain untouched by this surgical cleaving, shall watch silently as the rest embark on a journey both audacious and preposterous—dreaming of a listing on the grand Nasdaq stage. Ah, the Nasdaq, that shimmering city of illusions where fortunes are made and lost in blinks of an eye! Yet, no clear words escape Bithumb’s lips on this matter, save a timid “reviewing,” as if daring not to wake the monstrous hopes it stirs.

Shareholders must decide on June 12, caught in this farce of democracy, to cast their fates like stones into a turbulent river. Meanwhile, Bithumb strokes its financial phoenix, which rose gloriously from the ashes of last year’s loss. An operating profit of 130.7 billion won—approximately $90.1 million—the kind of sum that makes accountants rub their eyes and poets weep, while revenue rockets an astonishing 265.4% to 496.3 billion won.

All thanks to the fickle mistress called the crypto market, who twirls her favors with a cruel smile. Yet, even glory is not without its shadows. For in the not-so-distant past, the dark hand of legality descended upon the exchange, with prosecutors storming the halls over scandal—an ex-CEO accused of diverting company gold to buy a humble little apartment. How quaint, how utterly human! 😏

Read More

2025-04-22 09:47