Bithumb, South Korea’s second-largest cryptocurrency exchange, said Thursday that it is stepping up preparations for an initial public offering, with a formal listing now targeted for 2028. The announcement is the company’s first full public IPO roadmap since it pushed back its earlier goal of going public in 2025.
In a notice posted on its website, Bithumb laid out a multi-year plan for the listing. The exchange said its top priorities this year are to strengthen internal controls and complete a shift in accounting standards. Bithumb currently prepares financial statements under Korean Generally Accepted Accounting Principles (K-GAAP) and plans to adopt Korean International Financial Reporting Standards (K-IFRS) to meet the disclosure requirements applied to listed companies.
Bithumb maps out a 2027 review and 2028 listing goal
Under the plan, Bithumb will apply for a preliminary listing review with regulators in 2027. After that process is completed, the company is aiming to finish its IPO in 2028.
Bithumb also said the final timing could still shift depending on market conditions and the pace of the review process.
The exchange framed the IPO as more than a capital markets milestone. In its statement, Bithumb said, “Bithumb is moving toward its IPO goal in hopes of enhancing corporate value and demonstrating management transparency. Listing is not just about expanding the company’s size, but also about building firm trust so that customers can trade with greater confidence.”
Internal controls and governance are at the center of this year’s work
To support the listing plan, Bithumb said it is working with a leading South Korean accounting firm to build a risk management framework that meets the standards expected of global listed companies.
The company added that it has already completed a series of organizational changes and business restructuring measures. Those steps include clearly defining the responsibilities of each business unit, simplifying the corporate structure, reducing potential conflicts of interest, promoting business diversification, increasing liquid assets, and improving financial stability.
Bithumb is also working with multiple securities firms, law firms, and accounting firms in South Korea and overseas on company valuation, legal risk assessment, and strategies for the preliminary listing review.
The exchange had previously aimed for a 2025 IPO
Bithumb had originally been targeting a public listing in 2025, but later postponed that plan to 2028. Internal control issues were cited as one of the key reasons behind the delay.
Earlier this year, a Bithumb employee mistakenly distributed about 620,000 BTC to users during a marketing event. Based on market prices at the time, the amount was estimated at about $43 billion.
After the incident, South Korea’s Financial Supervisory Service (FSS) opened an investigation and broadly reviewed Bithumb’s internal control and risk management systems. The episode also pushed the company to move faster on governance reforms.
IPO activity is also building elsewhere in South Korea’s crypto market
Separately, Dunamu, the parent company of South Korea’s largest crypto exchange Upbit, is also pushing ahead with its own IPO plan. The company has been accelerating that effort through cooperation with Naver Financial, a major South Korean fintech company.