Bithumb Targets 2028 IPO Amid Regulatory Scrutiny
Bithumb, South Korea's largest cryptocurrency exchange, is preparing for an initial public offering (IPO) in 2028 after reorganizing its business and implementing a two-year program to strengthen accounting, compliance, and risk controls.
The company expects to complete internal-control upgrades and preparations for Korean International Financial Reporting Standards by the end of 2026. Bithumb plans to apply for a preliminary listing review in 2027, but has not yet decided on a venue for its IPO. The exchange is working with securities firms, lawyers, and accountants on valuation, legal reviews, and listing requirements.
The move follows regulatory scrutiny over a mistaken Bitcoin transfer worth roughly $40 billion in 2024. Chief executive Lee Jae-won acknowledged shortcomings in internal controls after the incident, adding pressure on the company to show that operational safeguards have improved before any listing review begins.
Bithumb has previously considered listing on Seoul's Kosdaq market and the Nasdaq in New York. The company is also expanding regular disclosures covering its finances, major corporate developments, and digital-asset holdings.