Bithumb Confirms 2028 IPO Target, Details Multi-Year Preparation Plan

Bithumb has officially confirmed plans to pursue an initial public offering by 2028, laying out a detailed multi-year roadmap in a notice posted to its website Monday. The exchange said this year will focus on strengthening internal controls and shifting its accounting practices from Korean GAAP to the Korean International Financial Reporting Standards used by listed companies.

Preliminary Listing Review Expected in 2027

According to the announcement, Bithumb plans to submit a preliminary listing review request in 2027, with authorities then evaluating the application ahead of a targeted IPO completion in 2028. The company noted the timeline could shift depending on market conditions and regulatory review processes.

Company Emphasizes Trust Over Growth

Bithumb said the listing effort is meant to demonstrate management transparency and build customer confidence rather than simply expand the company’s scale. As part of preparations, the exchange is developing a risk management framework aligned with global listing standards, restructuring internal business units to reduce conflicts of interest, and working with accounting, legal and securities firms on valuation and compliance matters.

Second Delay Follows Major Internal Control Failure

This is not the first time Bithumb has pushed back its listing plans, having previously targeted 2025 before shifting to 2028. The delay follows a major internal control lapse earlier this year, when an employee mistakenly distributed roughly 620,000 BTC, worth about $43 billion at the time, to users during a promotional campaign, triggering a regulatory probe into the exchange’s risk practices.