Bithumb targets 2028 IPO after control overhaul

• Bithumb plans to seek preliminary listing approval in 2027 before completing an IPO in 2028.
• The exchange is strengthening internal controls after mistakenly crediting customers with 620,000 Bitcoin in February.
• Bithumb is restructuring its businesses and adopting K-IFRS accounting standards ahead of the proposed listing.

South Korean crypto exchange Bithumb plans to seek preliminary listing approval in 2027 and complete its IPO in 2028.

The timetable follows a February error when Bithumb mistakenly credited customers with 620,000 Bitcoin (CRYPTO:BTC) instead of ₩620,000.

Bithumb said its IPO timetable could change depending on market conditions and regulatory review schedules.

The exchange will strengthen internal controls and switch from domestic accounting standards to K-IFRS before seeking listing approval.

Bithumb also spun off Bithumb Asset to separate business responsibilities and reduce potential conflicts of interest.

Bithumb recovered 99.7% of the mistaken Bitcoin credits, but customers sold about 1,788 BTC before accounts were frozen.

Bithumb is one of five South Korean exchanges offering fiat trading through real-name bank accounts, using KB Kookmin Bank.

At the time of reporting, Bitcoin price was $63,513.54.