Bithumb published a three-stage IPO roadmap targeting 2028, its third attempt after earlier 2025 and 2027 targets. The plan follows an accidental bitcoin transfer and regulatory scrutiny.
Bithumb, South Korea's largest crypto exchange, published a three-stage roadmap this week with an IPO target of 2028. The schedule is the exchange's third attempt at a public listing, following earlier targets of 2025 and 2027.
The plan, laid out in a notice on the exchange's website, breaks into three phases. This year, Bithumb said it will complete internal control upgrades and shift from Korean accounting standards to K-IFRS, the international framework. In 2027, it plans to file for a preliminary listing review with Korean regulators. The IPO itself is set for 2028, though the company said the schedule "may be subject to some changes depending on changes in market conditions and review timelines from relevant institutions."
Bithumb said it is working with outside securities, law, and accounting firms and has restructured business units to clarify responsibilities and reduce conflicts of interest. The move comes amid scrutiny following the Bithumb CEO bribery investigation and an accidental asset transfer earlier this year.
In February, Bithumb mistakenly distributed roughly 620,000 bitcoin during a promotional campaign, worth between $40 billion and $43 billion at the time. The exchange said it has since recovered most of the funds and formed a cross-departmental task force to prevent a repeat. Separately, South Korea's Financial Supervisory Service opened an inquiry into Bithumb's internal controls and risk management following the incident. The exchange also faces a distinct Financial Intelligence Unit fine of roughly 36 billion won, about $27 million.
Bithumb reported roughly 651 billion won (about $430 million) in 2025 revenue and holds more than 30% of South Korea's crypto exchange market, according to the company. The exchange has raised $200 million from outside investors, a Series A closed on April 15, 2019, led by ST Blockchain Fund.
The company's IPO timeline has shifted twice before. Bithumb originally aimed for the second half of 2025, then revised to 2027. The new target adds an explicit caveat about market conditions and regulatory review timelines. The exchange has not disclosed which venue it will list on, though it previously considered Nasdaq before shifting toward South Korea's Kosdaq.
Whether the 2028 target holds depends on factors the notice itself says are outside its control. The Financial Supervisory Service inquiry and the FIU fine remain unresolved, and the CEO bribery investigation adds further uncertainty. Bithumb's internal control upgrades, listed as the first stage of the roadmap, are expected to address the regulatory and operational risks flagged by the recent incidents.
For a broader look at how exchange-level risks affect the broader crypto market, see our crypto market analysis.
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