South Korea’s Bithumb Sets 2028 IPO Timeline With 2027 Review Filing

TLDR:

• Bithumb targets IPO completion in 2028 after 2027 preliminary listing review filing.
• Exchange is transitioning from K-GAAP to K-IFRS accounting standards for global compliance.
• Bithumb restructured operations, splitting Bithumb Asset to strengthen governance clarity.
• Company is diversifying revenue and boosting liquid assets to ensure financial stability.

Bithumb, South Korea’s second-largest cryptocurrency exchange, plans to complete its initial public offering in 2028. The exchange will file for a preliminary listing review in 2027.

This timeline marks a key milestone in Bithumb’s long-term IPO strategy. The company is strengthening internal controls ahead of the filing.

It is also transitioning to K-IFRS accounting standards. Business restructuring is underway as part of these preparations. Officials noted the schedule may shift based on market and regulatory conditions.

Bithumb’s 2027 Review Filing Builds on Internal Reforms

The path toward a 2027 preliminary review request depends on structural changes now underway. Bithumb said it aims “to maximize corporate value and demonstrate management transparency.”

The exchange is consulting with top domestic accounting firms on this transition. It is also moving from K-GAAP to K-IFRS, the global capital market standard.

Governance restructuring supports the same 2027 filing target. Bithumb split off Bithumb Asset to separate business division roles.

The company said this move helps “fundamentally block unnecessary potential conflicts of interest.” A clearer governance structure is meant to build market confidence ahead of the review.

Financial stability work also feeds into the 2028 IPO timeline. Bithumb is diversifying its business model to manage market volatility.

The exchange is increasing liquid asset holdings during this period. Bithumb said this approach lays “the foundation for stable shareholder value creation” after listing.

Disclosure practices are being expanded before the preliminary review stage. Bithumb already shares financial status and asset holdings regularly.

The exchange said it will provide “only reliable and objective information” going forward. This practice aligns with requirements expected during listing review.

Path to 2028 Listing Includes External Support and Market Outreach

External institutions are involved in preparing for the 2027 filing. Bithumb is working with domestic and international securities firms as underwriters.

Law firms and accounting firms are assessing legal risk and corporate value. These reviews aim to meet listing requirements “from a conservative and rigorous perspective.”

Market communication has expanded as the IPO timeline approaches. Bithumb said it is “fully opening communication channels with the media, investors” and customers.

Regular updates on management status are part of this outreach. The exchange said it will “listen even more carefully” to market feedback.

The full schedule spans three phases through 2028. In 2026, Bithumb will complete internal control upgrades and K-IFRS preparation. In 2027, the exchange plans to submit its preliminary listing review request. The IPO is targeted for completion in 2028, subject to regulatory review.

Bithumb said it will “prepare sincerely until the very last moment” to earn market trust. The exchange plans to move through each phase without setbacks.

Officials reiterated that timing could change depending on regulatory schedules. The company said continued preparation remains its focus through each step.

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