Bithumb Delays IPO: Public Listing Now Targeted for 2028

• Bithumb has officially pushed its target for a public listing to 2028, a significant delay from its previous goal of late 2025.
• The South Korean exchange is currently prioritizing the strengthening of internal controls, accounting policies, and risk management systems.
• Regulatory challenges, including a 36 billion won fine and a major operational error involving 620,000 BTC, have complicated the company's path to the stock market.

Strategic Delay and Preparatory Phase

During the company's annual shareholders meeting held on Tuesday, Chief Financial Officer Jeong Sang-gyun confirmed that Bithumb is still in a preparatory stage for its Initial Public Offering (IPO). The exchange has extended its advisory agreement with Samjong KPMG through the end of 2027, indicating that a formal listing is most likely to occur after 2028.

This new timeline represents a major shift from earlier projections, which saw the exchange aiming for a market debut as early as the second half of 2025. The company stated that the focus has shifted toward conducting thorough internal verifications to meet the stringent requirements of public markets.

Regulatory Hurdles and Operational Errors

Bithumb's path to an IPO has been hindered by several internal and regulatory obstacles. Earlier this year, the exchange experienced a high-profile "fat-finger" error during a promotional event, where it mistakenly distributed approximately 620,000 BTC (valued at roughly $43 billion at the time) to users. While the company reported that it has recovered the majority of these funds, the incident triggered an investigation by South Korea’s Financial Supervisory Service (FSS) into the exchange's internal risk management protocols.

In addition to the FSS probe, the Financial Intelligence Unit (FIU) has imposed sanctions on the exchange, including:

• A fine of approximately 36 billion won (around $27 million).
• A partial suspension of business operations.

Executives noted during the meeting that the company is currently evaluating whether to legally challenge these sanctions.

Financial Performance and Competitive Landscape

Despite these setbacks, Bithumb reported strong financial results for 2025, with annual revenue reaching approximately 651 billion won (roughly $430 million). The exchange also saw its market share climb above 30%, maintaining its position as a major player in the South Korean crypto sector.

However, the exchange faces stiff competition. Dunamu, the operator of the rival exchange Upbit, is also moving forward with its own IPO plans through a strategic partnership with Naver Financial, intensifying the race to become a publicly traded digital asset platform in the region.