Bithumb, South Korea’s second-largest cryptocurrency exchange by trading volume, announced on August 3 that it is advancing preparations for an initial public offering (IPO) with a target completion date set for 2028.
In an official notice posted on its platform, the exchange outlined a multi-year execution framework. During 2026, Bithumb will prioritize upgrading its internal financial controls and transitioning its accounting standards from Korean Generally Accepted Accounting Principles (K-GAAP) to Korean International Financial Reporting Standards (K-IFRS). The exchange plans to submit its application for a preliminary listing review with local financial authorities in 2027, laying the groundwork for a formal public debut in 2028, subject to market conditions and regulatory approval timelines.
Overhauling Risk Controls Following Operational Error
The formalized 2028 timeline marks an extension from Bithumb’s previous target window, reflecting intensified scrutiny over internal risk management across domestic virtual asset service providers. The delay comes in the wake of a major operational error earlier this year, when an internal “fat finger” input mistake during a promotional campaign resulted in the accidental distribution of roughly 620,000 BTC, valued at over $40 billion at the time, to user accounts.
While the erroneous ledger entries were swiftly reversed, the incident prompted a comprehensive investigation by South Korea’s Financial Supervisory Service (FSS) into Bithumb’s internal ledger controls and transaction verification protocols. In response, Bithumb has partnered with leading domestic accounting and advisory firms to upgrade its corporate governance, risk monitoring, and internal compliance checks to global capital market standards.
Structural Realignment and Domestic Market Competition
To address potential conflicts of interest and prepare for public listing requirements, Bithumb has restructured its operating units to simplify business divisions and clarify managerial accountability. The firm is also expanding its balance sheet liquidity and working alongside major securities brokerages, legal counsel, and auditing teams to conduct formal valuation reviews and legal risk assessments.
Bithumb’s public listing effort unfolds alongside similar moves by main domestic rival Upbit. Upbit’s parent company, Dunamu, continues to pursue its own public listing strategy through a structural partnership and share-swap agreement with Naver Financial. As regulatory frameworks tighten across South Korea’s digital asset sector, both exchanges are placing corporate transparency and institutional-grade governance at the center of their long-term equity strategies.
