Bithumb confirmed a 2028 IPO target, revealing a staged plan after a $43B internal error. The exchange is overhauling controls and switching to IFRS accounting.
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Bithumb, South Korea's second-largest crypto exchange, said it is moving forward with an initial public offering targeting 2028. The company published a notice on its website detailing a staged preparation plan that includes internal control upgrades and an accounting transition, with a preliminary regulatory review in 2027.
This year, Bithumb is focusing on two objectives: strengthening internal control systems and migrating from Korean general accounting standards (K-GAAP) to the Korean International Financial Reporting Standards (K-IFRS), the global framework. The company is working with a top-tier local auditing firm on the switch.
In the notice, Bithumb said it has restructured business units to clarify responsibilities, simplify its corporate structure, and reduce potential conflicts of interest. The exchange is also diversifying its business model and consolidating liquid assets to ensure financial stability. It is collaborating with local and international investment banks, law firms, and accounting consultancies on valuation and legal risk assessments.
“Bithumb’s listing is not simply about expanding the size of the company, but about building solid trust so that clients can operate with greater peace of mind,” the company stated.
Bithumb originally set 2025 as its target year but postponed the deadline. The most significant factor was an internal incident: an employee mistakenly distributed roughly 620,000 BTC, worth about $43 billion, to users as part of a promotional campaign. The error triggered an investigation by South Korea's Financial Supervisory Service, which assessed the exchange's control and risk management systems.
The official timeline says the plan is subject to change depending on market conditions and the pace of regulatory review. Meanwhile, Dunamu, the operator of rival exchange Upbit, is also moving forward with its own plans to go public through a partnership with local conglomerate Naver Financial.
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