The South Korean cryptocurrency exchange Bithumb has released a roadmap for its initial public offering (IPO), aiming for completion by 2028. This information was reported by The Block.
According to the company's statement, Bithumb plans to enhance its internal controls in 2026 and transition from Korean Generally Accepted Accounting Principles (K-GAAP) to Korean International Financial Reporting Standards (K-IFRS).
In 2027, the exchange intends to apply for preliminary listing review and undergo scrutiny from local authorities. Although the IPO is scheduled for 2028, the timeline may change depending on market conditions and regulatory review processes.
Bithumb has indicated that it is developing a risk management system that meets the standards required of public companies, supported by one of South Korea's leading auditing firms.
The company has also undergone business restructuring to clarify responsibilities among divisions, streamline its structure, and minimize conflicts of interest. Additionally, the platform aims to diversify its business model, reduce reliance on trading fees, and increase liquid assets to enhance financial stability.
Timeline Adjustments
The discussion surrounding Bithumb's IPO has been ongoing for several years. In 2023, the company appointed Samsung Securities as the lead underwriter and considered listing on KOSDAQ in the latter half of 2025.
However, the timeline has faced multiple delays. In March 2026, Maeil Business Newspaper reported that the actual listing might occur after 2028, with Bithumb focusing on preparations until the end of 2027. The company also signed a consulting agreement with Samjong KPMG.
620,000 BTC Error
In early 2026, Bithumb's internal controls attracted the attention of South Korea's Financial Supervisory Service (FSS) after an error led to users being mistakenly credited with around 620,000 BTC during a promotional campaign.
The incident occurred on February 6, when an employee confused tickers and mistakenly entered Bitcoin as the reward unit instead of South Korean won. The total credited far exceeded the actual reserves of the exchange, which at the time held approximately 46,000 BTC in its wallets.
Following the error, the Bitcoin price against the won on the platform plummeted by 15%. Bithumb representatives reported that they managed to recover 99.7% of the mistakenly allocated assets, with about 125 BTC remaining unrecovered.
Additionally, in June, South Korea's Personal Information Protection Commission (PIPC) ordered Bithumb to pay 210 million won (approximately $136,000 at the time) for transferring user data to foreign companies without consent.