Bithumb now targets 2028 IPO after major internal restructuring
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- Bithumb is targeting a 2028 IPO with a preliminary listing review planned for 2027, and aims to complete risk management assessments and align with domestic and international accounting standards by end of 2026
- The exchange has not disclosed a listing venue but is working with domestic and international securities, law, and accounting firms, having previously weighed a NASDAQ listing before shifting plans to South Korea's Kosdaq
- CEO Lee Jae-won admitted to "a deficiency in internal control" after a $40 billion bitcoin transfer blunder earlier this year exposed the exchange to potential sabotage
- Bithumb announced in early 2025 it would split its core crypto trading platform from other activities, restructuring ahead of an originally planned 2025 IPO that has now slipped to 2028
Why it matters: The 2028 timeline pushes Bithumb's listing three years past its original 2025 target, and the company has yet to lock in a listing venue—factors that leave the IPO's final structure contingent on both market conditions and regulatory review in the wake of this year's $40 billion bitcoin transfer mishap.
