Bithumb aims for IPO in 2028 after years of preparation

The South Korean crypto exchange Bithumb announces it wants to go public in 2028. The company is working hard on preparations and plans a preliminary application for a stock exchange listing in 2027. Whether the schedule is actually feasible depends partly on market conditions and the outcome of the regulatory review process.

In brief:

• Bithumb, South Korea’s second-largest crypto exchange, is targeting a stock market listing in 2028.
• The company is preparing by switching to international accounting standards and revising its internal corporate structure.
• The exact timing may still change depending on market conditions and regulations.

Stricter controls and new accounting standards

To prepare for the listing, Bithumb is taking significant steps in risk management and financial transparency. For instance, the company is switching from the national Korean accounting standard (K-GAAP) to the internationally recognised K-IFRS standard. This is the Korean variant of the global IFRS standard widely used in capital markets. To this end, Bithumb is working with leading accounting firms and specialised consultants.

In addition, the exchange is strengthening its internal governance structures and control processes so they meet the requirements that apply to listed financial institutions. This should give shareholders and regulators confidence that Bithumb is ready for the strict transparency requirements that a stock market listing entails. South Korea has been facing challenges in the crypto market for some time, as Blockchainstories reports on the ongoing stablecoin outflow from the country.

Restructuring for a clearer business structure

Alongside the financial preparation, Bithumb is also restructuring its business operations. The company is more clearly separating tasks and responsibilities by department, including through the split of Bithumb Assets. The aim is a more transparent corporate structure that better aligns with the expectations of listing committees and potential shareholders.

Bithumb also indicates that it wants to diversify its revenue model to ensure long-term financial stability. By being less dependent on crypto market volatility, the company wants to continue creating value for shareholders even after a potential listing. The exact IPO schedule may still shift, however, depending on how the market and the regulatory climate develop.