Bithumb shares crash nearly 60% amid investor exodus

Shares of the cryptocurrency exchange Bithumb have plummeted 58.8% in the over-the-counter market, reflecting declining market share, slowing earnings, and growing regulatory risks. As of October 2nd, Bithumb shares were trading at 169,000 won on Naver Pay's unlisted stock platform, down from a 52-week high of 410,000 won. The stock hit a three-month low of 167,000 won on October 1st, with its market capitalization falling to approximately 398.7 billion won, a 22% drop from three months prior.

Analysts attribute the decline to Bithumb's failure to secure a strategic investor, making it the only major exchange without one. Competitors like Upbit (operated by Dunamu) are pursuing partnerships with financial firms such as Naver Financial, while Coinone has secured Korea Investment & Securities and OKX as investors. Bithumb, however, has struggled to finalize deals with potential partners like Kiwoom Securities, Kakao, and Toss, with industry officials citing its complex ownership structure as a major hurdle.

Bithumb's market share has also taken a hit, falling to 26.7% in September from 34.28% in August, according to CoinGecko. Weekly data shows its share hovering in the mid-20% range since mid-September, with no signs of recovery. A cryptocurrency industry official emphasized that to boost its corporate value, Bithumb must secure a strategic partner and outline a clear plan for new business ventures.