Bithumb sets a 2028 IPO target after internal restructuring
South Korea's second-largest crypto exchange plans a preliminary listing review in 2027, while it upgrades controls and shifts to international accounting standards.
Bithumb has set a target of completing an initial public offering in 2028 and plans to request a preliminary listing review in 2027, according to a notice on its website. The exchange did not name a listing venue in the notice.
Bithumb says it will spend this year upgrading internal controls and preparing to report under Korea's International Financial Reporting Standards, replacing its current Korean GAAP reporting. It is also working with securities firms, law firms and accounting firms on valuation and the listing review.
The earlier target slipped
The exchange previously pointed to an earlier listing window before moving the target to 2028. Its new roadmap says the schedule can change with market conditions and regulatory review timelines.
The preparation follows scrutiny of Bithumb's controls after an employee mistakenly distributed roughly 620,000 BTC in a promotional campaign earlier this year, prompting a South Korean Financial Supervisory Service probe, according to The Block. Bithumb says it is restructuring business responsibilities, reducing conflicts of interest and building a risk framework for a listed company.
An IPO target is therefore a timetable, not a completed approval. The key milestones are the accounting transition, the preliminary review and the regulator's response.
