Bithumb Targets 2028 IPO Amid Ongoing Governance Overhaul

Bithumb, South Korea's second-largest cryptocurrency exchange, has set its sights on an initial public offering (IPO) in 2028. The exchange outlined a three-stage roadmap to achieve this goal, with milestones including completing advanced internal controls by the end of 2026, filing for a preliminary listing review in 2027, and going public in 2028.

The announcement comes on the heels of a tumultuous year for Bithumb. In February 2026, a staff error during a promotional campaign sent 620,000 Bitcoin to users who were owed just 620,000 Korean won in BTC, causing the local price to crash by around 17%. The exchange was fined and partially suspended by South Korean regulators but later had its business partially reinstated.

The fallout from this incident has accelerated Bithumb's efforts to rebuild credibility. As part of these efforts, Samjong KPMG was brought on as an advisory partner through 2027. The exchange aims to transition from K-GAAP to K-IFRS and strengthen its risk management systems to global listed-company standards.