Bithumb Puts IPO Plans Back on Track with New Roadmap

Bithumb, South Korea's second-largest cryptocurrency exchange, has confirmed its plans to go public through an initial public offering (IPO) in 2028. The company has published a detailed roadmap outlining its preparations for the listing, which includes strengthening internal control systems and migrating from Korean General Accounting Principles (K-GAAP) to International Financial Reporting Standards (IFRS).

Bithumb's focus this year is on two key objectives: improving its internal controls and transitioning to K-IFRS. The company has partnered with a top-tier auditing firm for this process, which is expected to be completed by the end of 2026. In addition, Bithumb has restructured its business units to simplify its corporate structure and reduce potential conflicts of interest.

The exchange's plan was initially set to go public in 2025, but it was postponed due to a significant internal incident in which an employee mistakenly distributed approximately 620,000 BTC (valued at around $43 billion) to users as part of a promotional campaign. This incident triggered an investigation by South Korea's Financial Supervisory Service, which assessed the exchange's control and risk management systems.