Bithumb's Potential IPO Strategy to Challenge Upbit's Market Supremacy
Local reports suggest that Bithumb, one of South Korea's prominent cryptocurrency exchanges, is considering a public listing on the Kosdaq platform in 2025. Insider information indicates that Bithumb may also transition to the Korea Exchange (KOSPI) platform in the future.
According to South Korean news outlet Edaily, Bithumb could pursue an initial public offering (IPO) by 2025. The exchange's potential IPO strategy is seen as an ambitious effort to surpass Upbit, which currently holds an 85% share of South Korea's cryptocurrency trading market.
Lee Jung-hoon, who has recently made a comeback as the major stakeholder on Bithumb's board, is focusing on fortifying the firm's governance to support its IPO ambitions. This move aims to position Bithumb as a strong contender in the market.
Bithumb's IPO Preparations and Financial Standing
Sources close to the situation reveal that Bithumb has appointed Samsung Securities as its fund manager, and preparations for the IPO are already underway. While the exchange aims for a listing on Kosdaq, Bithumb has chosen not to comment on these developments to Edaily.
According to Bithumb's second-quarter financials, the exchange currently possesses assets worth 400 billion won, which is equivalent to $303.56 million. Additionally, Sangjun Lee, Bithumb's former board representative director, has been ousted.
Despite Bithumb's strong presence in the market, its spot trading volume of $658.58 million in the past 24 hours on November 12, 2023, pales in comparison to Upbit's volume, which reached $3.98 billion. As part of its strategy to go public, Bithumb is currently undergoing a business overhaul to enhance its market position.
Bithumb's IPO and Lee Jung-hoon's Influence
Industry experts believe that Bithumb's IPO will set a precedent in the nation's cryptocurrency market. Lee Jung-hoon's influence is expected to play a crucial role in ensuring a successful IPO and spearheading the company's internal streamlining efforts.
On Sunday, spot BTC prices at Upbit and Bithumb exhibited a 'kimchi premium,' with South Korea's BTC pricing exceeding global rates by over $350. This indicates the strong demand for cryptocurrencies in South Korea and the potential for Bithumb's IPO to attract investor interest.
What are your thoughts on Bithumb's contemplation of going public on Kosdaq? Share your opinions and insights in the comments section below.
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Can I have a gold ETF in a Roth IRA
While a 401k may not offer this option for you, it is worth considering other options, such an Individual Retirement Plan (IRA).
Traditional IRAs allow for contributions from both employees and employers. An Employee Stock Ownership Plan (ESOP) is another way to invest in publicly traded companies.
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A Individual Retirement Annuity (IRA), is also available. An IRA allows you to make regular payments throughout your life and earn income in retirement. Contributions to IRAs don't have to be taxable
What are the benefits to having a gold IRA
The best way to save money for retirement is to place it in an Individual Retirement Account. It's tax-deferred until you withdraw it. You control how much you take each year. There are many types available. Some are better suited to college savings. Others are intended for investors seeking higher returns. For example, Roth IRAs allow individuals to contribute after age 59 1/2 and pay taxes on any earnings at retirement. However, once they begin withdrawing funds, these earnings are not taxed again. So if you're planning to retire early, this type of account may make sense.
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Physical gold bullion coin can be purchased at any time. You don’t have to wait to begin investing in gold.
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To open a gold IRA, you will first need to create an individual retirement account (IRA). Once you've completed this step, an IRA administrator will be appointed to your account. This company acts in the role of a middleman between your IRS agent and you.
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- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- Gold IRA: Add Some Sparkle To Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
- 7 U.S. Code SS7 – Designation board of trade as contract marketplaces
- 26 U.S. Code SS 408 – Individual retirement accounts
- Yahoo Finance – Barrick Gold Corporation Stock Price, News & Quote – Barrick Gold Corporation (GOLD).
Gold Roth IRA guidelines
It is best to start saving early for retirement. Start saving as soon and as often as you're eligible (usually around 50 years old) and keep going until retirement. To ensure sufficient growth, it is vital that you contribute enough each year.
You also want to take advantage of tax-free opportunities such as a traditional 401(k), SEP IRA, or SIMPLE IRA. These savings vehicles enable you to make contributions while not paying any taxes on the earnings, until they are withdrawn. These savings vehicles can be a great option for individuals who don't qualify for employer matching funds.
The key is to save regularly and consistently over time. You'll miss out on any potential tax benefits if you're not contributing the maximum amount allowed.
By: Jamie Redman
Title: Bithumb Considers Public Listing on Kosdaq in 2025
Sourced From: news.bitcoin.com/south-korean-crypto-exchange-bithumb-eyes-ipo-in-move-to-challenge-upbits-market-dominance/
Published Date: Sun, 12 Nov 2023 23:00:19 +0000