South Korean crypto exchange Bithumb has unveiled its roadmap for preparing an IPO, aiming to complete the process by 2028, according to The Block.
According to the company’s statement, Bithumb plans to enhance internal controls in 2026 and transition from Korean Generally Accepted Accounting Principles (K-GAAP) to Korean International Financial Reporting Standards (K-IFRS).
In 2027, the exchange intends to apply for a preliminary listing review and undergo scrutiny by local authorities. The IPO is scheduled for 2028, though the timeline may shift due to market conditions and regulatory review periods.
Bithumb stated that it is developing a risk management system at the level required for public companies, with assistance from a leading South Korean auditing firm.
The company has also restructured its business to distribute responsibilities among divisions, streamline its structure, and reduce the risk of conflicts of interest. Additionally, the platform aims to diversify its business model, reduce reliance on trading fees, and increase liquid assets to maintain financial stability.
Timeline Adjustments
Bithumb’s IPO has been under discussion for several years. In 2023, the company selected Samsung Securities as the lead underwriter and considered listing on the KOSDAQ in the second half of 2025.
However, the timeline has been postponed multiple times. In March 2026, Maeil Business Newspaper reported that the actual listing would likely occur after 2028, with Bithumb focusing on preparation until the end of 2027. The company also signed a consulting agreement with Samjong KPMG.
620,000 BTC Error
In early 2026, Bithumb’s internal controls caught the attention of South Korea’s Financial Supervisory Service (FSS) following an erroneous crediting of approximately 620,000 BTC to users during a promotional campaign.
The error occurred on February 6 when a platform employee confused tickers and entered bitcoin as the reward unit instead of Korean won. The amount credited far exceeded the exchange’s actual reserves, which held only about 46,000 BTC at the time.
Following the incident, the bitcoin-to-won exchange rate on the platform plummeted by 15%. Exchange representatives reported the recovery of 99.7% of the erroneously distributed assets, with approximately 125 BTC remaining unrecovered.
In June, South Korea’s Personal Information Protection Commission (PIPC) ordered Bithumb to pay 210 million won (~$136,000 at the time) for transferring user data to foreign companies without consent.
