Bithumb's Potential IPO Strategy
Local reports suggest that Bithumb, a prominent crypto exchange in South Korea, is contemplating a public listing in 2025. Insider information indicates that Bithumb is considering a debut on Kosdaq and might transition to the Korea Exchange (KOSPI) platform in the future.
Efforts to Surpass Upbit's Market Supremacy
According to Edaily, a South Korean news outlet, Bithumb could pursue an initial public offering (IPO) by 2025. Yoo Kyung Lim, a journalist, notes that the exchange's potential IPO strategy is seen as an ambitious effort to surpass Upbit's market supremacy.
Upbit currently holds an 85% share of South Korea's cryptocurrency trading market. The briefing highlights Lee Jung-hoon's comeback as the major stakeholder on Bithumb's board, with a focus on fortifying the firm's governance.
Samsung Securities Appointed as Fund Manager
Sources close to the situation reveal that Bithumb has appointed Samsung Securities as its fund manager, with IPO preparations already underway. The exchange aims for a Kosdaq listing, yet Bithumb chose not to comment to Edaily on these developments.
Bithumb's Financials and Business Overhaul
According to its second-quarter financials, Bithumb possesses assets worth 400 billion won, equivalent to $303.56 million. Furthermore, it has been reported that Sangjun Lee, Bithumb's former board representative director, was ousted.
Bithumb has recorded a spot trading volume of $658.58 million over the past 24 hours on November 12, 2023, whereas Upbit has notched a volume sixfold higher at $3.98 billion. As part of its strategy to go public, Bithumb is undergoing a business overhaul.
Lee Jung-hoon's Influence and Internal Streamlining
The report concludes that the crypto firm's IPO will set a precedent in the nation, with Lee Jung-hoon poised to escalate his influence to ensure a successful IPO and spearhead the company's internal streamlining.
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.
What do you think about Bithumb contemplating going public on Kosdaq? Share your thoughts and opinions about this subject in the comments section below.
Frequently Asked Questions
What are the benefits of a Gold IRA?
It is best to put your retirement money in an Individual Retirement Account (IRA). It is tax-deferred until it's withdrawn. You have complete control over how much you take out each year. And there are many different types of IRAs. Some are better for those who want to save money for college. Some are for investors who seek higher returns. For example, Roth IRAs allow individuals to contribute after age 59 1/2 and pay taxes on any earnings at retirement. The earnings earned after they withdraw the funds aren't subject to any tax. So if you're planning to retire early, this type of account may make sense.
The gold IRA allows you to invest in different asset classes, which is similar to other IRAs. Unlike a regular IRA where you pay taxes on gains, a gold IRA doesn't require you to worry about taxation while you wait to get them. People who prefer to save their money and invest it instead of spending it are well-suited for gold IRAs.
Another benefit to owning IRA gold is the ability to withdraw automatically. It means that you don’t have to remember to make deposits every month. To ensure that you never miss a payment, you could set up direct debits.
Gold is one of today's most safest investments. Because it isn’t tied to any specific country, gold’s value tends to stay stable. Even in times of economic turmoil gold prices tend to remain stable. As a result, it's often considered a good choice when protecting your savings from inflation.
Which precious metal is best to invest in?
The answer to this question depends on how much risk you are willing to take and what type of return you want. Although gold has been considered a safe investment, it is not always the most lucrative. For example, if your goal is to make quick money, gold may not suit you. If you have the patience to wait, then you might consider investing in silver.
If you don't care about getting rich quickly, gold is probably the way to go. Silver might be a better investment option if steady returns are desired over a long period of time.
How do I open a Precious Metal IRA
It is important to decide if you would like an Individual Retirement Account (IRA). Open the account by filling out Form 8606. To determine which type of IRA you qualify for, you will need to fill out Form 5204. This form must be submitted within 60 days of the account opening. Once you have completed this form, it is possible to begin investing. You can also contribute directly to your paycheck via payroll deduction.
To get a Roth IRA, complete Form 8903. Otherwise, the process will be identical to an ordinary IRA.
To qualify for a precious Metals IRA, there are specific requirements. The IRS states that you must be at least 18 and have earned income. You cannot earn more than $110,000 annually ($220,000 if married filing jointly) in any one tax year. Contributions must be made regularly. These rules apply to contributions made directly or through employer sponsorship.
A precious metals IRA can be used to invest in palladium or platinum, gold, silver, palladium or rhodium. However, you can't purchase physical bullion. You won't have the ability to trade stocks or bonds.
You can also use your precious metals IRA to invest directly in companies that deal in precious metals. This option is available from some IRA providers.
There are two main drawbacks to investing through an IRA in precious metallics. They aren't as liquid as bonds or stocks. It is therefore harder to sell them when required. They don't yield dividends like bonds and stocks. You'll lose your money over time, rather than making it.
What are the fees associated with an IRA for gold?
$6 per month is the Individual Retirement Account Fee (IRA). This fee includes account maintenance fees as well as any investment costs related to your selected investments.
To diversify your portfolio you might need to pay additional charges. The type of IRA you choose will determine the fees. Some companies offer free checking accounts, but charge monthly fees to open IRA accounts.
A majority of providers also charge annual administration fees. These fees can range from 0% up to 1%. The average rate per year is.25%. However, these rates are typically waived if you use a broker like TD Ameritrade.
Statistics
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- 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)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
External Links
investopedia.com
wsj.com
- Saddam Hussein’s InvasionHelped Uncage a Bear In 1989 – WSJ
- How do you keep your IRA Gold at Home? It's Not Exactly Legal – WSJ
forbes.com
bbb.org
How To
Investing In Gold vs. Investing In Stocks
It might seem risky to invest in gold as an investment vehicle these days. This is because many people believe that gold investment is no longer profitable. This belief is based on the fact that gold prices are being driven down by global economic conditions. People believe that investing in gold would result in them losing money. There are many benefits to investing in gold. Below we'll look at some of them.
One of the oldest forms known of currency is gold. It has been in use for thousands of year. It is a valuable store of value that has been used by many people throughout the world. Even today, countries such as South Africa continue to rely heavily on it as a form of payment for their citizens.
Consider the price per gram when you decide whether you should invest in or not. When looking into buying gold bullion, you must decide how much you are willing to spend per gram. You could contact a local jeweler to find out what their current market rate is.
It is also worth noting that although gold prices have declined recently, the cost of producing gold has increased. Although gold's price has fallen, its production costs have not.
When deciding whether to buy gold, another thing to consider is how much gold you intend on buying. It is sensible to avoid buying gold if you are only looking to cover the wedding rings. If you plan to do so as long-term investments, it is worth looking into. It is possible to make a profit by selling your gold at higher prices than when you purchased it.
We hope our article has given you a better understanding of gold as an investment tool. We recommend you do your research before making any final decisions. Only then can you make informed decisions.
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