Bithumb puts a date on it: IPO targeted for 2028

A Three-Stage Path to the Public Markets

@BithumbOfficial, South Korea's second-largest cryptocurrency exchange by trading volume, has published a formal three-stage roadmap targeting a completed initial public offering in 2028. In an official notice released on August 3, 2026, the exchange outlined plans to complete advanced internal controls in 2026, file for a preliminary listing review in 2027, and achieve a full public offering in 2028.

This year, Bithumb will focus on upgrading its internal controls and preparing its transition to K-IFRS, the country's official accounting framework built on international standards. The company currently operates on Korean Generally Accepted Accounting Principles (K-GAAP). It is also working with domestic and international securities firms, law firms, and accounting firms to evaluate corporate value, review legal risks, and prepare for the preliminary listing review. Samjong KPMG is advising on the process under a contract running through 2027.

The roadmap includes six pillars: transitioning from K-GAAP to K-IFRS and strengthening risk management to global listed-company standards. The aim is to spin off Bithumb Asset to remove conflicts of interest, diversify revenue streams, improve public disclosures of financials and virtual-asset holdings, and collaborate with top securities firms, law firms, and auditors.

A Timeline Shaped by Regulatory Pressure

The 2028 target represents the latest reset of a listing plan that has repeatedly slipped. Bithumb, South Korea's second-largest cryptocurrency exchange by trading volume, is pushing to become the first domestic crypto exchange listed on a Korean stock market. The listing that was originally supposed to happen in the second half of 2025 is now a 2028 event, at the earliest.

The backdrop is a difficult period for the exchange. The company's internal controls became a serious issue earlier this year when an employee mistakenly distributed roughly 620,000 BTC, worth about $43 billion at the time, to users as part of a promotional campaign. The error prompted a probe by South Korea's Financial Supervisory Service, which examined the exchange's internal controls and risk management. In March, financial regulators fined the exchange $24.5 million and ordered a six-month partial suspension over anti-money-laundering and know-your-customer failures. A court blocked the order in April after Bithumb challenged it.

New regulations, including South Korea's planned 22% capital gains tax on cryptocurrency beginning January 1, 2027, and broader digital asset legislation, will also shape the operating environment before shares ever reach the market. The company said the timeline could shift depending on market conditions and regulatory procedures.

Meanwhile, Dunamu, the operator of rival exchange Upbit, is pursuing its own IPO plans through a tie-up with local conglomerate Naver Financial.

Sources:
The Block: South Korea's Bithumb officially targets 2028 IPO
Decrypt: South Korean Exchange Bithumb Targets 2028 IPO
Blockhead: Bithumb Formalizes 2028 IPO Target in Its Third Timeline Reset