Bithumb sets 2028 IPO timetable as it overhauls internal controls

South Korean cryptocurrency exchange Bithumb said Monday it plans to apply for a preliminary listing review in 2027 and complete an initial public offering in 2028.

Bithumb said it has reorganized its business structure, including spinning off Bithumb Asset, to clarify responsibilities across its business units and reduce potential conflicts of interest ahead of the listing review.

The exchange said its preparations will include upgrading internal controls and shifting from domestic accounting standards to K-IFRS, the international accounting framework used by listed companies in South Korea.

Bithumb said the timetable could change depending on market conditions and the review schedules of relevant authorities.

The exchange is one of five South Korean platforms that support fiat currency trading through real-name bank accounts, offered through its partnership with KB Kookmin Bank.

Bithumb’s listing push comes as rival South Korean exchanges deepen their ties with traditional finance and technology groups. Mirae Asset Consulting took control of rival exchange Korbit on July 23, while Upbit operator Dunamu is pursuing a share-swap deal that would make it a wholly owned subsidiary of Naver Financial, subject to regulatory and shareholder approval.

Related: Kiwoom eyes Bithumb stake as Korean brokerages push into crypto: Report

Bithumb’s 620,000 BTC crediting error

In a February promotional error, Bithumb mistakenly credited customer accounts with balances totaling 620,000 Bitcoin instead of distributing 620,000 Korean won in cash rewards. Bithumb recovered 99.7% of the erroneous credits, though customers sold about 1,788 BTC before accounts were frozen.

At a Feb. 11 National Assembly parliamentary hearing, Bithumb CEO Lee Jae-won said the exchange’s process for checking the planned distribution against its actual holdings had failed and that the promotional amount had not been earmarked in a separate account.

Its IPO preparations also come as two Bithumb-linked listed companies face continuing audit and listing problems. Vidente, a major Bithumb shareholder, and Bucket Studio, which indirectly controls Vidente, have had trading in their shares suspended since March 2023 over audit and other listing issues.

According to Yonhap news agency, Bucket Studio appointed a former police official as its standing auditor in June, while Vidente plans to appoint a former National Tax Service official to the same role. South Korea’s Government Public Service Ethics Committee cleared both hires after finding no close relationship between the officials’ previous duties and their new roles.

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