Bithumb Targets 2028 IPO Listing Amid Industry Skepticism

Crypto exchange Bithumb has outlined plans to go public by 2028 through an initial public offering (IPO). The company has already begun preparations by strengthening internal controls, improving accounting standards, and boosting transparency. This includes filing for a preliminary review in 2027 before completing the IPO in 2028.

Bithumb is working with domestic and overseas securities firms, accounting firms, and external experts to meet listing requirements and build trust among investors. The company has streamlined its business structure by spinning off its core exchange operations from newer businesses into Bithumb Asset, aimed at clarifying responsibilities between business areas and reducing potential conflicts of interest.

The company plans to reduce its reliance on the cryptocurrency market by diversifying its business portfolio and maintaining sufficient liquidity to enhance confidence among investors. Bithumb emphasized that greater transparency will be a key part of its IPO strategy, regularly disclosing financial information and details of its own crypto-asset holdings while expanding communication with investors and other stakeholders.

We will take the necessary steps to meet listing requirements and build trust among investors,' said a Bithumb spokesperson. The company's plan has raised eyebrows in the industry as no domestic cryptocurrency exchange has yet gone public in South Korea, making Bithumb's IPO plan a closely watched development.