Bithumb targets 2028 IPO after internal restructuring
Bithumb targets 2028 IPO after restructuring. The exchange plans risk management upgrades by end-2026, with a preliminary review in 2027. CEO admitted internal control flaws after a $40B bitcoin error earlier this year.
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South Korea's largest crypto exchange Bithumb said Monday it is preparing for a 2028 initial public offering after a major internal reorganization. The exchange is working with domestic and international securities, law and accounting firms on the IPO process, it said in a statement. Last year Bithumb was said to be considering a NASDAQ listing, then changed course to a listing on South Korea's Kosdaq first.
The exchange plans to complete its risk management systems assessments and meet domestic and international accounting standards by the end of 2026. It then intends to apply for a preliminary listing review in 2027, with the IPO targeted for 2028. Bithumb said the timetable could shift depending on market conditions and regulatory reviews.
Earlier this year Bithumb faced regulatory scrutiny after a $40 billion blunder left the exchange exposed to potential sabotage when it failed to prevent the mistaken transfer of a large amount of bitcoin. CEO Lee Jae-won acknowledged “a deficiency in internal control” at the time. The exchange announced plans in early 2025 to split its core trading platform from other activities as part of a restructuring ahead of an IPO it initially aimed for that same year.
The company did not say where it plans to list the IPO. CoinDesk reached out to Bithumb for further details but had not received a response as of press time.
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