Bithumb Moves Forward With 2028 IPO Goal, Detailing Its Long‑Term Preparation Roadmap

TL;DR

• Bithumb officially confirmed it is targeting the completion of its initial public offering in 2028, with a preliminary review scheduled for 2027.
• The South Korean exchange will transition from K-GAAP to K-IFRS accounting standards and is working with auditing, legal, and investment banking firms.
• An internal error in 2025, in which an employee mistakenly distributed 620,000 BTC valued at approximately $43 billion, complicated the regulatory process that had been underway.

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South Korea’s second-largest cryptocurrency exchange, Bithumb, confirmed that it is moving forward with an initial public offering targeting 2028. The company published a notice on its website detailing a staged preparation plan that includes improvements to internal controls, an accounting transition, and a preliminary regulatory review in 2027.

This year, the focus is on two simultaneous objectives: strengthening internal control systems and migrating from general Korean accounting standards (K-GAAP) to the Korean International Financial Reporting Standards (K-IFRS), the official framework aligned with global standards. For this process, the company is working alongside a top-tier local auditing firm.

Bithumb’s Road Map to the Stock Exchange

In the official notice, Bithumb stated that it has restructured its business units to clarify responsibilities, simplify its corporate structure, and reduce potential conflicts of interest. It also reported that it is diversifying its business model and consolidating liquid assets to ensure financial stability. In addition, the exchange is collaborating with local and international investment banking firms, law firms, and accounting consultancies on valuation and legal risk assessment tasks.

“Bithumb’s listing is not simply about expanding the size of the company, but about building solid trust so that clients can operate with greater peace of mind,” the company stated in the announcement.

A History of Setbacks

Bithumb had originally set 2025 as its target year, but the deadline was postponed. The most significant factor was a high-impact internal incident: an employee mistakenly distributed approximately 620,000 BTC, equivalent to approximately $43 billion, to users as part of a promotional campaign. The incident triggered an investigation by South Korea’s Financial Supervisory Service, which assessed the exchange’s control and risk management systems.

The official timeline clarifies that the plan is subject to change depending on market conditions and the pace of regulatory review. Meanwhile, Dunamu, the operator of rival exchange Upbit, is also moving forward with its own plans to go public through a partnership with local conglomerate Naver Financial.