Bithumb Delays IPO Timeline to 2028 After Internal Review

TLDR

• Bithumb has postponed its IPO plans and now expects a public listing in 2028.
• Chief Financial Officer Jeong Sang-gyun confirmed the delay during the annual shareholders meeting.
• The company said it is strengthening accounting policies and internal controls before listing.
• Bithumb signed an IPO advisory agreement with Samjong KPMG through the end of 2027.
• The exchange previously aimed to go public in the second half of 2025.

South Korean cryptocurrency exchange Bithumb has extended its public listing schedule to 2028. The company confirmed the delay during its annual shareholders meeting on Tuesday. Executives said they continue preparatory work while addressing internal and regulatory matters.

Bithumb IPO Timeline Extends as Preparations Continue

Chief Financial Officer Jeong Sang-gyun confirmed the revised Bithumb IPO schedule during the meeting. He said the company remains in a preparatory phase focused on stronger governance. He stated that teams are “strengthening accounting policies, internal controls and conducting thorough internal verification.”

Bithumb signed an IPO advisory agreement with Samjong KPMG through the end of 2027. A company official said the actual listing will “highly likely take place after 2028,” according to Maeil Business Newspaper. Earlier plans targeted a market debut in the second half of 2025, yet executives adjusted that target.

The company reported about 651 billion won in 2025 revenue, or $430 million. It also raised its domestic market share above 30% during the same period. Executives shared those figures while outlining progress toward the public offering.

Management said internal systems require further review before listing proceeds. Therefore, the company continues to refine compliance structures and reporting standards. Jeong said the focus remains on readiness rather than speed.

Internal Error and Regulatory Scrutiny Add Pressure

Executives also addressed a trading error involving Bitcoin earlier this year. The exchange mistakenly distributed about 620,000 BTC during a promotional campaign. At that time, the amount carried an estimated value of $43 billion.

The company said it recovered most of the distributed BTC after identifying the mistake. It formed a company-wide task force to prevent similar incidents in the future. Executives told shareholders that internal checks now operate under stricter supervision.

South Korea’s Financial Supervisory Service launched a probe after the error. Regulators have examined Bithumb’s internal controls and risk management systems since then. The investigation remains ongoing as authorities review compliance standards.

Separately, the Financial Intelligence Unit imposed a fine of about 36 billion won, or $27 million. The unit also ordered a partial business suspension tied to regulatory findings. Executives said the company is reviewing whether to challenge those sanctions.

While Bithumb revises its listing schedule, rival exchange Dunamu advances its own public offering plans. Dunamu operates Upbit, one of South Korea’s largest cryptocurrency exchanges. The company has pursued an IPO through a tie-up with Naver Financial.

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