Bithumb Sets Sights on 2028 IPO as it Overhauls Internal Controls

Bithumb, one of South Korea's major cryptocurrency exchanges, has set its sights on going public in 2028. The exchange announced that it plans to apply for a preliminary listing review in 2027 and complete an initial public offering (IPO) the following year.

The move comes as Bithumb overhauls its internal controls, including spinning off its asset management business into a separate entity called Bithumb Asset. This reorganization aims to clarify responsibilities across the company's various units and reduce potential conflicts of interest ahead of the IPO.

Bithumb has also stated that it will upgrade its internal controls and switch from domestic accounting standards to K-IFRS, the international framework used by listed companies in South Korea. The exchange's preparations are subject to change depending on market conditions and review schedules of relevant authorities.