Bithumb Targets 2028 IPO After Enhancing Internal Controls

South Korean cryptocurrency exchange Bithumb has outlined its plans for an initial public offering (IPO) in 2028, according to a recent statement. The company aims to enhance internal controls and transition from Korean Generally Accepted Accounting Principles (K-GAAP) to Korean International Financial Reporting Standards (K-IFRS) by 2026.

In 2027, Bithumb intends to apply for a preliminary listing review and undergo scrutiny by local authorities. However, the timeline may shift due to market conditions and regulatory review periods.

The exchange has been working on developing a risk management system at the level required for public companies, with assistance from a leading South Korean auditing firm. It has also restructured its business to distribute responsibilities among divisions, streamline its structure, and reduce the risk of conflicts of interest.