Bithumb has announced its intent to reorganize by separating its main cryptocurrency exchange from other business endeavors, aiming for an initial public offering (IPO).

The company, based in Seoul, plans to create two distinct entities, with Bithumb Korea solely responsible for operating the primary exchange. This entity will pursue a public listing, as indicated by reports citing the country’s corporate registry.

The second unit, named Bithumb A, will manage venture capital, asset management, and new business initiatives. This restructuring is expected to take effect on July 31.

Bithumb A will integrate the exchange’s investment sectors, including Bithumb Partners, which has recently shifted from focusing on NFT and metaverse initiatives to investing in traditional financial products such as stocks and bonds. Reports suggest that the company is negotiating with licensed organizations to expand these offerings domestically.

Additionally, Bithumb Investment, responsible for managing equity positions and strategic alliances, will also report to Bithumb A.

While the exchange initially considered a potential listing on NASDAQ, it has now shifted its focus to launching on South Korea’s Kosdaq as a primary goal, leaving the U.S. listing as a secondary objective.

For the previous year, Bithumb recorded a significant turnaround with an operating profit of 130.8 billion won ($95 million), recovering from a loss of 149 billion won the prior year.