Bithumb targets 2028 IPO with multi-year roadmap

Aug 3, 2026

South Korean crypto exchange Bithumb targets a 2028 IPO following major internal restructuring. The plan, which includes a 2027 preliminary listing review, comes amid significant regulatory challenges, including a $24.5M fine and bribery allegations against its CEO. Bithumb is upgrading internal controls and accounting standards to rebuild trust after a $40 billion transfer error.

2028 IPO timeline

▪As part of its IPO plan, Bithumb will apply for a preliminary listing review in 2027.
▪The IPO timeline could change depending on market conditions and regulatory reviews.
▪South Korean crypto exchange Bithumb has announced a plan for an initial public offering (IPO) in 2028.

Internal reorganization

▪The company aims to complete risk management assessments and meet domestic and international accounting standards by the end of 2026.
▪Bithumb is described as either South Korea's largest (by one source) or second-largest (by another) crypto exchange.
▪Bithumb is undergoing a major internal reorganization to strengthen controls and improve transparency.
▪Bithumb is switching its accounting from the Korean K-GAAP standard to the global K-IFRS standard.

Regulatory challenges

▪A court blocked a related six-month partial suspension order in April after Bithumb challenged it.
▪The IPO plan follows a $40 billion mistaken transfer, which CEO Lee Jae-won attributed to a deficiency in internal control.
▪In March, financial regulators fined Bithumb $24.5 million for anti-money-laundering and know-your-customer failures.
▪Bithumb CEO Lee Jae-won was booked as a bribery suspect in June over the alleged hiring of a National Assembly member's son.

Listing venue considerations

▪Bithumb is working with domestic and international securities, law, and accounting firms on its IPO process.
▪Bithumb has not officially disclosed where it plans to list, but has previously considered Seoul's Kosdaq and NYC's Nasdaq.