Bithumb targets 2028 IPO, plans preliminary review in 2027

Bithumb, South Korea’s second-largest cryptocurrency exchange, is now eyeing a public listing after 2028, with a preliminary review process set to begin in 2027. The exchange originally targeted a listing as early as 2025 or 2026. The long road to going public Bithumb’s CFO Jeong Sang-gyun laid out the revised plan at the company’s annual shareholders’ meeting, stating that the firm will prioritize preparations for the listing through 2027. The exchange has signed an IPO advisory agreement with Samjong KPMG that runs through the end of that year. CEO Lee Jae-won was reconfirmed for a two-year term at the April 2026 annual meeting, aligning his leadership tenure with the critical pre-IPO period. The original plan had Bithumb targeting a Nasdaq listing. Instead, the exchange has been forced into repeated delays driven by a need to strengthen its accounting protocols and internal controls. Why the delays keep piling up In February 2026, a major system error resulted in erroneous transfers exceeding $40 billion. The incident prompted intensified regulatory scrutiny and forced the company into a serious review of its control systems. Bithumb is currently under investigation for anti-mon...