Bithumb sets 2028 IPO timetable as it overhauls internal controls
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
South Korean cryptocurrency exchange Bithumb announced plans to apply for a preliminary listing review in 2027 and aims to complete its initial public offering (IPO) in 2028. Ahead of this, Bithumb has reorganized its business structure, including spinning off Bithumb Asset, to clarify responsibilities and reduce conflicts of interest. The preparations also involve upgrading internal controls and transitioning from domestic accounting standards to the Korean International Financial Reporting Standards (K-IFRS).
Why it matters
Bithumb’s planned IPO and internal restructuring reflect efforts to align with regulatory and market expectations for publicly listed companies in South Korea. The move comes amid increasing integration between South Korean crypto exchanges and traditional financial and technology firms, signaling potential industry shifts and evolving investor interest.
Key context
Bithumb is one of five South Korean exchanges that enable fiat trading through real-name bank accounts, in partnership with KB Kookmin Bank. Its IPO efforts follow similar moves by rivals, such as Korbit’s acquisition by Mirae Asset Consulting and Upbit’s plan to become a subsidiary of Naver Financial. The exchange has also dealt with a significant customer account error in February 2023, when 620,000 Bitcoin were mistakenly credited instead of Korean won, with most erroneous credits recovered after customers sold some BTC.
Key numbers and entities
Bithumb, Bithumb Asset, KB Kookmin Bank, Korbit, Mirae Asset Consulting, Upbit, Dunamu, Naver Financial, Vidente, Bucket Studio. Bithumb mistakenly credited 620,000 Bitcoin in a promotional error, recovering 99.7% afterward, although 1,788 BTC were sold by customers before account freezes.
What remains unclear
The timeline for Bithumb’s IPO is tentative and subject to market conditions and regulatory review schedules. The source does not provide details about the potential impact of ongoing audit and listing difficulties faced by Bithumb-linked companies Vidente and Bucket Studio on the IPO process.