Bithumb, South Korea's largest crypto exchange, said it is preparing for a 2028 initial public offering following a major internal reorganization. The plan calls for a preliminary listing review in 2027, after a bitcoin transfer error earlier this year exposed serious control failures at the exchange. Bithumb has not named a listing venue and says the timeline could still shift.
Bithumb said Monday it is preparing for a 2028 initial public offering following a major internal reorganization meant to strengthen its controls and align with international accounting standards. The exchange has not disclosed where it plans to list, though it was said to be considering a Nasdaq listing last year before shifting toward South Korea's Kosdaq market first.
A three-stage roadmap
Under the plan, Bithumb aims to complete its risk management assessments and meet accounting standards by the end of 2026, then file for a preliminary listing review in 2027 before targeting the full listing in 2028. But the exchange said the timetable could still shift depending on market conditions and regulators' reviews.
The blunder behind the overhaul
Earlier this year, Bithumb faced regulatory scrutiny after a $40 billion transfer blunder left its systems vulnerable to potential sabotage. CEO Lee Jae-won admitted the exchange had "a deficiency in internal control", according to CoinDesk.
According to CoinGape, the error sent 620,000 bitcoin to 249 users who were owed just 620,000 Korean won worth of BTC. The mistake briefly crashed the local bitcoin price by about 17% and exposed gaps in the exchange's internal verification systems.
Six changes before going public
Alongside the roadmap, Bithumb outlined six changes meant to strengthen risk management and governance before going public. According to Coinpedia, the plan includes shifting its accounting standard from K-GAAP to K-IFRS, spinning off Bithumb Asset to cut conflicts of interest, diversifying revenue and building cash reserves, publishing regular disclosures on its finances and digital-asset holdings, and working with securities firm Samsung Securities and other advisers.
Bithumb frames the listing as more than a fundraising step. The exchange said going public would help demonstrate that crypto firms can meet the same transparency and governance standards as traditional financial companies, Coinpedia reported.
A tighter regulatory clock
The push comes as South Korea prepares a 22% crypto gains tax set to take effect January 1, 2027, which Deputy Prime Minister Koo Yun-cheol confirmed on July 29, 2026, would not be delayed further, according to CoinGape. Investors earning more than 2.5 million Korean won, about $1,740, annually from crypto will fall under the levy.
The new crypto tax rules add compliance pressure on exchanges operating in South Korea, including Bithumb, just as it pursues its listing.
Sources: CoinDesk, Coinpedia, CoinGape
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