Bithumb Accelerates IPO Preparations, Targets 2028 Listing with Enhanced Governance

Seoul, South Korea – Bithumb, South Korea’s second-largest cryptocurrency exchange, has officially unveiled an ambitious multi-year roadmap for its Initial Public Offering (IPO), targeting a landmark listing in 2028. This announcement, made via its official website, marks the first comprehensive disclosure of its IPO strategy after postponing its initial 2025 target.

A Strategic Path to Public Listing

The exchange’s detailed blueprint outlines a series of critical preparatory steps. For the current year, Bithumb’s top priorities are centered on significantly strengthening its internal control mechanisms and transitioning its accounting system.

Currently operating under Korean Generally Accepted Accounting Principles (K-GAAP), Bithumb will migrate to Korean International Financial Reporting Standards (K-IFRS). This crucial shift is designed to align its financial disclosures with the stringent requirements expected of publicly listed companies, ensuring greater transparency and comparability for investors.

According to the announced timeline, Bithumb plans to submit its preliminary listing review application to regulatory authorities in 2027. Following the successful completion of this rigorous regulatory scrutiny, the exchange aims to finalize its IPO in 2028. However, the company prudently noted that the actual listing date could be subject to adjustments based on evolving market conditions and the progress of regulatory approvals.

Beyond Expansion: Building Trust Through Transparency

Bithumb emphasized that its drive for an IPO extends far beyond mere corporate expansion. A core objective is to cultivate long-term trust by elevating governance transparency. In its official statement, the company articulated its vision:

“Bithumb is moving towards its IPO goal, hoping to enhance corporate value and demonstrate management transparency through this. Listing is not just about expanding the company’s scale; it is also a process of building solid trust, allowing customers to trade with greater peace of mind.”

To support its listing ambitions, Bithumb is actively collaborating with a leading South Korean accounting firm. This partnership is focused on establishing a robust risk management framework that adheres to the demanding standards of global publicly traded entities.

The exchange has also undertaken extensive internal reforms, including:

• Clearly delineating responsibilities across its various business units.
• Streamlining its corporate organizational structure.
• Mitigating potential conflicts of interest.
• Actively promoting business diversification.
• Increasing liquid assets and bolstering overall financial soundness.

Furthermore, Bithumb is engaging with a network of domestic and international securities firms, law firms, and accounting firms. These collaborations are pivotal for preparing comprehensive corporate valuations, conducting thorough legal risk assessments, and formulating strategic approaches for the preliminary listing review.

Addressing Past Challenges and Accelerating Reforms

The decision to shift the IPO target from 2025 to 2028 was significantly influenced by internal control issues. Earlier this year, Bithumb faced scrutiny after an employee mistakenly distributed approximately 620,000 Bitcoin to users during a marketing event. This error, valued at an astonishing $43 billion at the time, underscored critical deficiencies in the exchange’s operational safeguards.

In the wake of this incident, South Korea’s Financial Supervisory Service (FSS) promptly initiated an investigation, thoroughly examining Bithumb’s internal controls and risk management protocols. This regulatory oversight served as a catalyst, prompting the company to accelerate its governance reform initiatives.

Competitive Landscape: Upbit’s Parent Company Also Eyes IPO

Bithumb’s IPO journey unfolds within a competitive landscape. Dunamu, the parent company of Upbit, South Korea’s largest cryptocurrency exchange, is simultaneously advancing its own IPO plans. Dunamu is reportedly accelerating its listing preparations through a strategic partnership with Naver Financial, a prominent South Korean fintech giant.