Bithumb, the largest cryptocurrency exchange in South Korea, announced its intention to pursue an initial public offering (IPO) in 2028 following significant internal restructuring efforts to enhance control and comply with international accounting standards.
Based in Seoul, Bithumb has not disclosed the specific exchange where it intends to list its IPO. The company is currently collaborating with various domestic and international securities, legal, and accounting firms to facilitate the IPO process. Previously, Bithumb considered a NASDAQ listing but later shifted its focus to potentially listing on South Korea's Kosdaq first.
Despite reaching out via email for further details on the listing venue, CoinDesk had not received a response from Bithumb at the time of publication.
The trading platform aims to finalize its risk management assessments and align with both domestic and international accounting standards by the end of 2026. Following this, it plans to seek a preliminary listing review in 2027, with the IPO itself slated for 2028.
However, Bithumb cautioned that this timeline is subject to change based on market conditions and regulatory reviews.
Earlier this year, Bithumb encountered significant regulatory hurdles after a $40 billion error that exposed the exchange to potential risks, as it failed to prevent a massive, incorrect transfer of Bitcoin. CEO Lee Jae-won acknowledged the "deficiency in internal control" that led to this situation.
In a strategic move, Bithumb announced plans to separate its core trading platform from other business operations in early 2025, as part of its restructuring efforts ahead of the anticipated IPO, which was initially targeted for that year.