The second-biggest cryptocurrency exchange in South Korea, Bithumb, declared on Monday that it is moving forward with preparations for an IPO, with a goal completion date of 2028. The exchange outlined its multi-year IPO preparation plan in a bulletin posted on its website.
In order to comply with the Korean International Financial Reporting norms (K-IFRS), the nation’s statutory accounting framework based on international norms, Bithumb will concentrate on improving its internal controls this year. At the moment, the business uses Korean Generally Accepted Accounting Principles (K-GAAP).
Bithumb intends to complete its IPO in 2028 after requesting a preliminary listing review in 2027 and having local authorities assess its application. According to Bithumb, “the schedule is still subject to changes in market conditions and regulatory review timelines.”In the notification, the firm stated, “Bithumb is moving closer to the ambitious goal of an IPO to maximize corporate value and demonstrate management transparency.” “In addition to growing the business, Bithumb’s listing aims to establish strong trust so that clients may transact with more assurance.
Source: X.com
Bithumb stated that it is collaborating with a top local accounting firm to develop a risk management framework to the standard needed by international listed firms in order to get ready for the IPO.
Additionally, the company stated that it has reorganized its operations to eliminate any conflicts of interest, streamline its structure, and define roles across business segments. To preserve its financial stability, it is broadening its business strategy and obtaining liquid assets.
The exchange also stated that it is working with accounting companies, law firms, and securities firms both domestically and internationally on techniques for the preliminary listing review, legal risk assessment, and valuation.
Source: X.com
Following the postponement of an initial 2025 aim, Bithumb had previously indicated a 2028 listing window.
Earlier this year, an employee handed over 620,000 BTC—roughly $43 billion at the time—to customers as part of a promotional drive, raising concerns about the company’s internal controls. The Financial Supervisory Service of South Korea investigated the issue and looked at the exchange’s risk management and internal controls.
In the meantime, through a partnership with regional giant Naver Financial, Dunamu, the operator of competing exchange Upbit, is pursuing its own IPO prospects.
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