Bithumb outlined a three-year IPO roadmap for 2028, with K-IFRS conversion, a Bithumb Asset spin-off, and regular crypto holdings disclosure, as it works through privacy and AML penalties.
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Bithumb has laid out a three-year roadmap to list in 2028, backed by a governance overhaul that includes a switch to international accounting standards, a spin-off of its asset-management unit, and regular public disclosure of its crypto holdings.
The South Korean exchange is working with domestic accounting firms to convert its financial reporting from K-GAAP to K-IFRS, strengthen internal compliance, and build what it called a risk management framework, according to a company statement. It has also spun off Bithumb Asset to clarify responsibilities across business units and is boosting liquidity reserves ahead of the listing.
The IPO roadmap begins with internal control improvements and K-IFRS conversion prep in 2026. Bithumb plans to submit its preliminary listing application and complete required audits in 2027, then target the IPO itself in 2028. The schedule could shift depending on market conditions and regulatory review timelines, the company said.
The exchange has signed an IPO advisory agreement with Samjong KPMG that runs through the end of 2027. Chief Financial Officer Jeong Sang-gyun said in April the company was targeting a 2028 listing. Earlier this year, local media reported Kiwoom Securities was negotiating to buy newly issued Bithumb shares, though final terms weren't agreed.
Bithumb said the IPO aims to demonstrate management transparency and strengthen customer trust, not just increase the company's size. It has simplified its business structure to reduce potential conflicts of interest and is introducing institutional-level risk management systems for customer asset protection.
The listing work continues as Bithumb addresses regulatory issues. In June, South Korea's Personal Information Protection Commission fined the exchange 210 million won, about $136,000, for violating rules on overseas transfers of personal information. The regulator found that during order-book sharing between September and November 2025, user data meant for Stellar was instead sent to infrastructure operated by BingX. The commission also reviewed virtual asset transfers involving 13 overseas exchanges and concluded customer information shared for anti-money laundering checks had failed to meet consent and notification requirements.
The privacy case followed an earlier 36.8 billion won penalty over anti-money laundering deficiencies involving customer due diligence and transactions linked to unregistered overseas virtual asset service providers.
Bithumb's listing plans are unfolding as South Korean lawmakers consider the Digital Asset Basic Act, which would cap a single shareholder's ownership in a crypto exchange at 20%, with a possible 34% limit under conditions still under review. Established financial institutions have expanded into the sector: Hana Bank disclosed plans to buy a stake in Upbit operator Dunamu, and local media reported three Samsung affiliates also planned to invest. OKX Ventures announced an investment in Coinone, and Binance completed its acquisition of Gopax after years of regulatory delays.
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