Bithumb Delays IPO Plans to 2028 After Major Restructuring
Bithumb, South Korea's largest cryptocurrency exchange, is pushing back its initial public offering (IPO) plans to 2028 after a major internal reorganization. The company aims to complete risk management assessments and align with domestic and international accounting standards by the end of 2026, followed by a preliminary listing review in 2027.
The restructuring effort comes after Bithumb faced regulatory scrutiny following a $40 billion bitcoin transfer error that exposed internal control deficiencies acknowledged by CEO Lee Jae-won. The exchange plans to separate its core crypto trading platform business from other operations to prepare for an IPO, a common step companies take before going public.
Bithumb has not disclosed its listing venue but previously considered NASDAQ and South Korea's Kosdaq as possible venues. The company is working with domestic and international securities, law, and accounting firms to get through the process.