Bithumb Targets 2028 IPO as Exchange Strengthens Internal Controls

Bithumb Sets IPO Roadmap#

South Korean cryptocurrency exchange Bithumb has unveiled a roadmap to complete its long-awaited initial public offering (IPO) in 2028, with plans to apply for a preliminary listing review in 2027. The exchange said the timeline remains subject to market conditions and regulatory review schedules.

The IPO marks Bithumb's latest effort to become a publicly listed company after several delays. The exchange had previously targeted an earlier listing but shifted its focus toward improving corporate governance and compliance.

Internal Controls Take Center Stage#

As part of its preparations, Bithumb said it is upgrading its internal control systems and transitioning from Korean Generally Accepted Accounting Principles (K-GAAP) to Korean International Financial Reporting Standards (K-IFRS), the accounting framework required for listed companies in South Korea.

The exchange has also restructured its business by spinning off Bithumb Asset, a move designed to clarify responsibilities across business units and reduce potential conflicts of interest. It added that it plans to strengthen employee compliance, improve risk management, and regularly disclose its financial condition and cryptocurrency holdings to boost transparency and investor confidence.

IPO Push Follows Operational Challenges#

Bithumb's listing preparations come after a series of high-profile setbacks. Earlier this year, the exchange mistakenly credited customer accounts with 620,000 Bitcoin instead of distributing 620,000 Korean won in promotional rewards. While the company recovered 99.7% of the erroneous credits, about 1,788 BTC had already been sold before the affected accounts were frozen.

The exchange is also working to distance itself from governance concerns involving Bithumb-linked firms that continue to face audit and listing issues.

If completed as planned, Bithumb's IPO would make it one of the first major South Korean crypto exchanges to go public, potentially reshaping competition in the country's rapidly evolving digital asset market.