Bithumb Targets 2028 IPO, Eyes Preliminary Review in 2027

Bithumb, South Korea's second-largest cryptocurrency exchange, has announced its plans to complete an initial public offering (IPO) by 2028. The company will file for a preliminary listing review in 2027, marking a significant step towards becoming one of the first publicly traded crypto exchanges in Asia.

The three-stage plan involves transitioning to K-IFRS accounting standards and upgrading internal controls by the end of 2026, followed by a preliminary listing review in 2027. The actual IPO is targeted for 2028, with no specific listing venue confirmed yet.

Bithumb's history of false starts and operational mishaps, including the accidental distribution of $40 billion worth of BTC to users in February 2026, raises concerns about its ability to execute on this plan. However, the company has brought in outside help from domestic and international securities firms to ensure compliance with institutional-grade standards.

Regulatory scrutiny is also a key factor, as South Korea continues to tighten rules around crypto exchanges. A clean preliminary review process in 2027 will be crucial for Bithumb's listing timeline.