Bithumb now targets 2028 IPO after major internal restructuring

South Korea's leading cryptocurrency exchange, Bithumb, announced on Monday its plans to prepare for a 2028 initial public offering (IPO). The company is undergoing a significant internal restructuring to bolster its control and compliance with international account standards. Bithumb, based in Seoul, has not disclosed the specific location for its IPO listing but has indicated that it is collaborating with both domestic and international securities, law, and accounting firms to manage the process.

Earlier this year, Bithumb had considered listing on the NASDAQ but later shifted its focus to a listing on South Korea's Kosdaq. CoinDesk reached out to Bithumb via email for additional details about the IPO listing, including the chosen market, but had not received a reply by the time of publication. The crypto trading platform also mentioned that it expects to finalize its risk management systems evaluations and ensure adherence to domestic and international account standards by the end of 2026.

Following this, Bithumb intends to submit a preliminary listing review application in 2027, with the IPO slated for 2028. Bithumb clarified that the timeline may be adjusted based on market conditions and regulatory assessments. Earlier this year, the exchange confronted substantial regulatory hurdles due to a $40 billion error that left it vulnerable to potential exploitation, as the platform failed to prevent a substantial misplacement of bitcoin.

In response, CEO Lee Jae-won acknowledged a deficiency in internal controls. Bithumb had previously announced its intention to separate its core crypto trading platform operations from other business activities in early 2025 as part of its restructuring efforts in preparation for an IPO, which it had initially intended to launch in the same year.