Bithumb Unveils 2028 IPO Plan with Major Overhaul

Korea's second-largest crypto exchange, Bithumb, has announced plans to go public in 2028. The company will first file for a preliminary listing review in 2027 before targeting a full initial public offering (IPO) two years later.

Bithumb aims to complete six major improvements as part of its IPO plan. These changes include building stronger risk management systems, upgrading internal controls with the help of leading accounting firms, and changing its accounting standards from K-GAAP to K-IFRS.

The exchange is also restructuring parts of its business, including spinning off Bithumb Asset, to improve corporate governance and reduce possible conflicts of interest. Additionally, it will strengthen its financial position by diversifying revenue sources and maintaining healthy cash reserves.

Bithumb's IPO could set a new standard for crypto exchanges in South Korea, as the company believes becoming a listed entity will help prove that crypto businesses can operate with transparency, governance, and investor protection standards similar to traditional financial firms.