South Korea’s second-largest crypto exchange Bithumb has announced its plan to complete its initial public offering (IPO) in 2028, while preparing to file for a preliminary listing review in 2027.
Along with the IPO, Bithumb has made six major changes to improve transparency, strengthen internal controls, and better protect customer assets.
Why Is Bithumb Waiting Until 2028 for Its IPO?
In a recent notice, Bithumb said its IPO is not just about raising money or becoming a listed company. Instead, the exchange wants to spend the next two years improving its systems before entering the stock market.
“As we prepare for our Initial Public Offering (IPO), we would like to share the changes at Bithumb that are becoming safer and more transparent.”
To prepare for the listing, Bithumb is upgrading its internal systems, improving compliance, and changing its accounting standards from K-GAAP to K-IFRS, which is widely used by global public companies.
In a notice, the company said it plans to finish strengthening its internal controls and move to global accounting standards in 2026. It will then apply for a preliminary listing review in 2027 before targeting a full IPO in 2028.
The exchange also confirmed that the final IPO timeline could change depending on market conditions and regulatory approval.
Six Major Changes Bithumb Is Making Before Going Public
As part of its IPO plan, Bithumb is making six major improvements across the business.
- First, it is building stronger risk management systems and upgrading internal controls with help from leading accounting firms.
- Second, it is changing its accounting standards to K-IFRS, which is widely used by global public companies.
- Third, Bithumb is restructuring parts of its business, including spinning off Bithumb Asset, to improve corporate governance and reduce possible conflicts of interest.
- Fourth, it is working to strengthen its financial position by diversifying revenue sources and maintaining healthy cash reserves.
- Fifth, the exchange is improving its disclosure practices by regularly sharing financial information, management updates, and digital asset holdings.
- Finally, Bithumb is working closely with securities firms like Samsung Securities, legal advisers, and accounting firms to make sure every listing requirement is completed before filing for review.
Bithumb’s IPO Could Set a New Standard for Crypto Exchanges
Bithumb believes its IPO could become an important step not only for the company but also for South Korea’s crypto industry.
The exchange said becoming a listed company will help prove that crypto businesses can operate with the same transparency, governance, and investor protection standards expected from traditional financial firms.
“Our Initial Public Offering serves as a testing ground for trust,” and “the safest exchange to use and a company that fulfills its social responsibilities.”
If Bithumb’s IPO succeeds, other crypto exchanges may also improve their systems before going public.
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