Image Credit: bithumpcorp.com
Key Takeaways
- Bithumb is targeting a 2028 IPO with a preliminary listing review planned for 2027.
- The exchange is upgrading accounting, internal controls and risk management ahead of the offering.
- Its IPO timeline has slipped repeatedly as regulatory issues and a $43B transfer error added pressure.
Bithumb published a formal roadmap Monday targeting an initial public offering in 2028, after earlier listing targets slipped amid restructuring, accounting upgrades and regulatory pressure. The exchange said it will file for a preliminary listing review in 2027 but has not named a listing venue.
Internal-Control Upgrades Precede 2027 Listing Review
The first phase runs through 2026 and covers internal control upgrades plus preparation to switch from Korean GAAP to Korean International Financial Reporting Standards (K-IFRS), the accounting framework used by companies preparing for Korea’s capital markets.
Bithumb then plans to file for a preliminary listing review with the Korea Exchange in 2027 and undergo the regulatory review process that year, with the offering itself targeted for 2028. The company said the timeline could shift depending on market conditions and regulatory procedures.
The exchange said it is building a risk management framework to the standard required of global listed companies and is working with a leading domestic accounting firm on that effort.
It also said it is collaborating with domestic and international securities firms, law firms and accounting firms on valuation, legal risk assessment and preliminary listing review strategy. Bithumb signed an IPO advisory agreement with Samjong KPMG running through the end of 2027.
$43B Crediting Error Exposed Bithumb’s Control Weaknesses
In February 2026, a staff error during a promotional campaign sent roughly 620,000 BTC, worth about $43 billion at the time, to 249 users who were owed 620,000 Korean won in Bitcoin. Bithumb said it corrected 99.7% of the erroneous credits, while regulators said about 1,786 BTC had already been sold before accounts were frozen.
The incident prompted a Financial Supervisory Service investigation. Separately, Bithumb later faced Financial Intelligence Unit sanctions, including a fine and partial business suspension over anti-money laundering and know-your-customer issues, with the suspension later stayed by court order. CEO Lee Jae-won acknowledged a deficiency in internal control at the time.
Restructuring and Control Issues Delayed Bithumb’s IPO
The original target was the second half of 2025. Bithumb spun off its non-exchange businesses under Bithumb A on August 15, 2025, restructuring justified at the time as IPO preparation. The February incident added pressure to the listing process, with the company later pointing to 2028 at its annual shareholders’ meeting in the spring.
Each delay has carried a different explanation: restructuring first, then internal controls, and now the K-IFRS conversion and regulatory clearance. Chief Financial Officer Jeong Sang-gyun told shareholders in March the company was still strengthening accounting policies and conducting internal verification.
Bithumb reported roughly 651 billion won in 2025 revenue, about $430 million, and market share above 30%, according to shareholder-meeting coverage.
Bithumb Leaves Listing Venue Open as Upbit Pursues IPO
Bithumb has not disclosed where it intends to list. It considered a Nasdaq offering in 2024 before shifting toward South Korea’s Kosdaq, and the current notice does not resolve the question.
Rival Upbit, the country’s largest exchange by trading volume, is pursuing its own listing following a proposed merger with Naver. Kiwoom Securities is separately reviewing a possible stake in Bithumb through a private placement, with that review running until October 2026.
