Bithumb Delays IPO to 2028 Amid Regulatory Hurdles and Valuation Concerns

Bithumb, South Korea's second-largest cryptocurrency exchange by trading volume, has pushed back its initial public offering (IPO) to 2028. The delay is the latest in a series of setbacks for the company's listing plans.

The IPO was originally scheduled for the second half of 2025, but Bithumb's Chief Financial Officer, Jeong Sang-gyun, told shareholders in March that the listing would now take place no earlier than 2028. The delay is attributed to various challenges, including regulatory hurdles and valuation concerns.

Bithumb has been working on a three-phase plan to prepare for its IPO. The first phase involves upgrading internal controls and transitioning from Korean Generally Accepted Accounting Principles (K-GAAP) to International Financial Reporting Standards (IFRS). This transition requires significant operational changes and the restatement of financial statements, which will be completed by the end of 2026.

The preliminary listing review with the Korea Exchange is scheduled for 2027. However, the actual IPO may take place in 2028, subject to change depending on market conditions and review schedules.