Bithumb Delays IPO Until After 2028
South Korean cryptocurrency exchange Bithumb has long pursued an IPO in hopes of improving governance, broadening access to capital and beating market leader Upbit to become the country's first listed crypto exchange. But corporate restructuring, regulatory reviews, anti-money-laundering penalties and an erroneous bitcoin transfer have successively increased compliance risks, repeatedly delaying the listing timetable.
The latest report said Bithumb has pushed its IPO back until after 2028, another delay from its original plan. The company's chief financial officer said it would remain focused on preparations for the listing through the end of 2027. With regulatory hurdles still unresolved, rival Upbit is accelerating its preparations and could list first.
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3 original reportsThe Backstory
The history behind this eventBithumb Targets 2028 IPO With Governance Overhaul
Bithumb, South Korea’s second-largest cryptocurrency exchange, is seeking a public listing as trading platforms face growing pressure to strengthen governance, risk management and financial transparency. An IPO would give the company access to public capital while testing whether it can build a more durable business beyond transaction fees, which remain closely tied to digital-asset prices and trading volumes.
The exchange has formally set 2028 as its IPO target and outlined a roughly three-year roadmap centered on tighter internal controls, a separation of business operations and broader revenue streams. Bithumb expects the overhaul to reduce its exposure to cryptocurrency market cycles and bolster investor confidence. The company has not disclosed a fundraising target or an exact listing date.
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