South Korea's Bithumb officially targets 2028 IPO, outlines multi-year roadmap

Bithumb, South Korea's second-largest crypto exchange, announced Monday that it is advancing preparations for an initial public offering, with a target completion date in 2028.

In a notice posted on its website, the exchange laid out its multi-year preparation plan for the IPO. 

This year, Bithumb will focus on upgrading its internal controls and preparing its transition to comply with the Korean International Financial Reporting Standards (K-IFRS), the country's official accounting framework built on international standards. The company currently operates on Korean Generally Accepted Accounting Principles (K-GAAP).

In 2027, Bithumb plans to request a preliminary listing review and have its application reviewed by local authorities, and ultimately complete its IPO in 2028. The schedule remains subject to changes in market conditions and regulatory review timelines, Bithumb noted.

"Bithumb is advancing towards the ambitious goal of an IPO to maximize corporate value and demonstrate management transparency," the company wrote in the notice. "Bithumb’s listing is not simply about expanding the company’s size, but a process of building solid trust so that customers can trade with greater peace of mind."

Preparation

In preparation for the IPO, Bithumb said it is building a risk management framework to the level required of global listed companies and is working with a leading domestic accounting firm on the effort. 

The company also said it has restructured its business to clarify responsibilities across business units, simplify its structure, and reduce potential conflicts of interest. It is diversifying its business model and securing liquid assets to maintain financial stability. 

Furthermore, the exchange said it is collaborating with domestic and international securities firms, law firms, and accounting firms on valuation, legal risk assessment, and strategies for the preliminary listing review.

Delay

Bithumb had previously pointed to a 2028 listing window after an earlier 2025 target was pushed back. 

The company's internal controls became an issue earlier this year when an employee mistakenly distributed roughly 620,000 BTC, worth about $43 billion at the time, to users as part of a promotional campaign. The error prompted a probe by South Korea’s Financial Supervisory Service, which examined the exchange’s internal controls and risk management.

Meanwhile, Dunamu, the operator of rival exchange Upbit, is pursuing its own IPO plans through a tie-up with local conglomerate Naver Financial.