Bithumb targets a 2028 IPO — its third delay from the original plan

South Korean exchange Bithumb unveiled a three-stage roadmap toward an IPO targeted for 2028 — its third delay, after the listing was originally planned for 2025.

• 2026 — upgrading internal controls and transitioning to K-IFRS international accounting standards
• 2027 — filing for a preliminary listing review
• 2028 — the target IPO date itself
• In parallel, Bithumb is spinning off Bithumb Asset as a separate business line and has already brought on underwriters, lawyers, and accountants

It is highly likely that the listing will take place after the start of 2028. We will focus on preparing for the listing for the remainder of this year and in 2027.

The delay comes after a rough year for the exchange: in March 2026, regulators fined Bithumb $24.5 million and imposed a six-month partial business suspension over anti-money-laundering and know-your-customer violations — a court blocked the suspension in April after Bithumb's challenge, but the fine stood. In June, CEO Lee Jae-won was booked as a bribery suspect over alleged hiring favoritism.

Bithumb has already tried rebuilding user trust before — for instance, by introducing video-call verification for customers over 80 to fight fraud. But with fines, a criminal case against its CEO, and competition with Upbit for the lead in the Korean market, three years to an IPO is also three years in which plenty can still go sideways.

Nothing here should be taken as financial advice — just information to consider.