Bithumb Plans for 2028 IPO Following Major Internal Changes

Bithumb, South Korea's leading cryptocurrency exchange, is gearing up for an initial public offering (IPO) in 2028 as it undertakes significant internal changes to strengthen governance and meet international accounting standards.

Although the specific exchange for the IPO has not been revealed, Bithumb is currently working with a range of domestic and international securities, legal, and accounting firms to prepare for the listing. The company had previously considered a NASDAQ listing but has shifted its focus towards a potential listing on South Korea's Kosdaq first.

Bithumb is aiming to complete its risk management evaluations and achieve compliance with both local and global accounting standards by late 2026. The exchange plans to initiate a preliminary review for listing in 2027, with the IPO set for 2028. However, the timeline may be adjusted depending on market dynamics and regulatory assessments.

This announcement comes in the wake of a substantial regulatory challenge faced by Bithumb earlier this year, when a $40 billion error highlighted significant vulnerabilities in its operations, leading to a massive, erroneous Bitcoin transfer. CEO Lee Jae-won admitted to a "deficiency in internal control" that contributed to this incident.

As part of its restructuring strategy ahead of the IPO, Bithumb plans to disentangle its core trading platform from other business operations by early 2025, a move that reflects its commitment to improve internal governance as it prepares for the public offering.