Bithumb has outlined its IPO plans for 2028, focusing on internal governance and risk management improvements in the coming years.
Bithumb, a prominent South Korean cryptocurrency exchange, has announced a timeline for its initial public offering (IPO), targeting completion by 2028. Key plans include strengthening internal governance by 2026 and transitioning to Korean International Financial Reporting Standards (K-IFRS).
In 2027, Bithumb intends to seek a preliminary listing review and will be subject to oversight from regulatory bodies. The schedule for the IPO is subject to modification based on market dynamics and the regulatory landscape.
The exchange is also working on a risk management framework compliant with the expectations for public companies, in collaboration with a top auditing firm in South Korea. Additionally, Bithumb is restructuring operations to delineate responsibilities, enhance efficiency, and reduce potential conflicts of interest.
Adjustments to IPO Timeline
The IPO discussions have been ongoing for years, with Samsung Securities appointed as the lead underwriter in 2023. There were plans for a KOSDAQ listing by late 2025, but these have faced delays.
Reports suggest that the listing may be pushed beyond 2028, with the company focused on preparations through 2027. Samjong KPMG has also been engaged for consulting services to aid in the IPO process.
Issues with Internal Controls
A significant issue arose in early 2026 when Bithumb was scrutinized for an internal control failure that resulted in users being mistakenly credited with around 620,000 BTC during a promotional event. This mistake, originating from a ticker confusion, caused a notable drop in Bitcoin prices.
Despite the error, Bithumb successfully recovered the vast majority of the mistakenly credited assets, with only 125 BTC unaccounted for. Furthermore, the Personal Information Protection Commission of South Korea imposed a fine of 210 million won (approx. $136,000) on Bithumb for unauthorized user data transfers to foreign entities.
