Bithumb, South Korea’s largest crypto exchange, published a formal three-stage roadmap this week for an IPO it now targets for 2028. The plan is framed around building institutional-grade trust and transparency. It comes following an accidental asset transfer earlier this year.
What the Roadmap Actually Commits To
The plan breaks into three stages. This year, Bithumb says it will complete internal control upgrades and prepare for the transition from Korean accounting standards to K-IFRS, the international framework. In 2027, it plans to file for a preliminary listing review and go through that process with Korean regulators. The IPO itself is targeted for 2028. Bithumb built in an explicit caveat: the schedule “may be subject to some changes Depending on changes in market conditions and review timelines from relevant institutions.” The company says it is working with outside securities, law, and accounting firms, and has restructured its business units to clarify responsibilities and reduce conflicts of interest as it responds to scrutiny surrounding the Bithumb CEO bribery investigation.
Context Behind the Roadmap
Earlier this year, Bithumb mistakenly distributed roughly 620,000 bitcoin, worth somewhere between $40 billion and $43 billion at the time depending on the source, during a promotional campaign. The exchange says it has since recovered most of the funds and formed a cross-departmental task force to prevent a repeat. Separately, South Korea’s Financial Supervisory Service opened an inquiry into Bithumb’s internal controls and risk management following the incident, and the exchange faces a distinct Financial Intelligence Unit fine of roughly 36 billion won, about $27 million. These events, including the Bithumb Crypto Exchange fined 210M won penalty and the broader scrutiny of its internal controls, plausibly explain why “risk management at the level of institutional finance” appears as the first stage of the roadmap.
A Third Revision to the Timeline
| Target | Status |
|---|---|
| H2 2025 | Original target, since abandoned |
| 2027 | Second target, since revised |
| 2028 | Current target, per this week’s notice |
What’s Still Undecided
Bithumb reported roughly 651 billion won (about $430 million) in 2025 revenue and holds more than 30% of South Korea’s crypto exchange market, providing a strong financial foundation for its IPO ambitions.
The exchange has also raised $200 million from outside investors. Its only publicly disclosed funding round was a $200 million Series A completed on April 15, 2019, led by ST Blockchain Fund.
Whether that’s enough to keep the 2028 target from becoming a fourth revision depends on factors the notice itself says are outside its control, market conditions and regulatory review timelines.
FAQs
1. When does Bithumb plan to complete its IPO?
2028, according to its own three-stage roadmap published this week, though the company says the timeline could shift.
2. Where will Bithumb list?
Not yet disclosed. The exchange previously considered Nasdaq before shifting toward South Korea’s Kosdaq.
3. Why is this Bithumb’s third IPO timeline?
The exchange originally targeted the second half of 2025, revised that to 2027, and has now moved to 2028.
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