Bithumb, which it says is South Korea's largest cryptocurrency exchange, has announced plans to target an initial public offering (IPO) in 2028. The company intends to request a preliminary listing review in 2027.
The company's roadmap involves completing assessments of its risk management systems and meeting both domestic and international accounting standards by the end of 2026. To support this process, Bithumb is working with domestic and international securities, law, and accounting firms.
This timeline follows an earlier restructuring plan announced in early 2025, which involved splitting the core crypto trading platform business from other company activities. Bithumb's initial goal had been to list in 2025, the same year the restructuring was announced.
A deficiency in internal control
— Bithumb CEO Lee Jae-won
According to reports, the exchange previously faced regulatory challenges following a $40 billion blunder involving a mistaken transfer of a massive amount of bitcoin. While the company previously considered a NASDAQ listing, it changed plans to list on South Korea's Kosdaq first.
Bithumb has not identified a specific proposed venue for the IPO. The company noted that the timetable could change depending on market conditions and reviews from regulators.
Updates
Bithumb CEO Lee Jae-won disclosed during a parliamentary hearing that a system failure in February led to the erroneous crediting of 620,000 Bitcoin instead of 620,000 Korean won, noting that the intended promotional funds had not been held in a separate account. While the exchange has since recovered 99.7% of the misplaced Bitcoin, approximately 1,788 BTC were sold by customers before accounts were frozen.
In February, Bithumb mistakenly credited customer accounts with 620,000 Bitcoin instead of 620,000 Korean won in cash rewards, ultimately recovering 99.7% of the erroneous assets. During a National Assembly hearing, CEO Lee Jae-won admitted that the exchange's internal verification process failed and the promotional amount had not been earmarked in a separate account. Approximately 1,788 BTC were sold by customers before the affected accounts could be frozen.
Bithumb is implementing restructuring measures to demonstrate its capability to operate as a listed company well before its anticipated IPO. Additionally, the exchange's plan to file for a preliminary listing review in 2027 coincides with the implementation of a new 22 percent crypto tax in South Korea.
