Bithumb plans IPO in 2028

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Bithumb plans IPO

Preparing to go public

As part of its IPO preparations, Bithumb is developing a risk management system designed to meet the standards required of major publicly traded companies. The exchange is working with one of South Korea’s leading accounting firms on the project.

The company is also restructuring its business. Bithumb intends to define responsibilities between divisions more clearly, simplify its corporate structure and reduce potential conflicts of interest.

At the same time, the exchange is diversifying its revenue sources and building up liquid assets to strengthen its financial stability.

Bithumb has also engaged South Korean and international investment firms, law firms and auditors. They are helping the company assess its business, analyze legal risks and develop a strategy for the preliminary listing review.

The IPO has already been delayed

Bithumb previously identified 2028 as a possible date for its public listing. The company initially planned to complete an IPO in 2025 but later postponed the offering.

In early 2026, the reliability of the exchange’s internal systems came under scrutiny following a major error during a promotional campaign. An employee accidentally credited users with approximately 620,000 BTC, worth an estimated $43 billion at the time.

The incident attracted the attention of South Korea’s Financial Supervisory Service. The regulator launched a review of Bithumb’s internal controls and risk management systems.

Meanwhile, Dunamu, the operator of South Korea’s largest cryptocurrency exchange Upbit, is preparing its own IPO. The company plans to go public through a partnership with local financial conglomerate Naver Financial.

Why Bithumb wants to go public

An IPO would allow Bithumb to raise capital for business development, increase its corporate value and strengthen confidence among investors and customers. Becoming a public company would also require stricter financial reporting, more transparent governance and stronger risk controls — the same areas the exchange currently considers central to its listing preparations.

However, the recent experience of cryptocurrency companies shows that a successful market debut does not guarantee sustained share-price growth. Shares of Gemini, Bullish, BitGo, eToro and several other companies have fallen significantly from their first-day trading prices. Circle remains the main exception: despite declining from its peak, its shares have continued to trade well above the IPO price, while most other recent crypto listings have generated losses for investors who bought shares at the start of trading.

Bithumb previously said it was considering a Nasdaq listing.

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