Crypto exchange Bithumb seeks US listing via reverse IPO

posted 7 months ago
Bithumb, one of the largest cryptocurrency exchanges by trading volume, is looking to go public in the US through a reverse merger. Blockchain Industries, an investment firm focusing on the crypto and blockchain industry and traded on the US over-the-counter markets, signed a binding letter of intent agreement with Singapore-based BTHMB Holdings, the holding company of Bithumb, for the reverse merger deal.

A reverse merger is also known as a reverse initial public offering (IPO), wherein a private company acquires a publicly listed company to bypass the lengthy and complex process of a conventional IPO. Once the deal goes through, the combined entity would be known as Blockchain Exchange Alliance (BXA), potentially becoming the first US listed crypto exchange. Patrick Moynihan, CEO of Blockchain Industries, 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.” Through the deal, BTHMB Holdings plans to expand its business operations in North America, the statement states.
Tags: bitcoin, blockchain, news