Summary
- Bithumb said it is pursuing a preliminary listing review in 2027 and strengthening its internal control and accounting systems, with the goal of completing its IPO in 2028.
- Bithumb said it aims to raise corporate value and improve management transparency through a transition to K-IFRS, a simpler business structure and a lower risk of conflicts of interest.
- Bithumb said it plans to build trust with investors and customers by diversifying its business model, securing liquid assets, and regularly disclosing its financial condition and cryptocurrency holdings.
Forecast Trend Report by Period
South Korean cryptocurrency exchange Bithumb is preparing for an initial public offering with the goal of completing the listing in 2028. The company plans to file for a preliminary listing review in 2027 and strengthen its internal controls and accounting systems to the standard of regulated financial companies.
In a notice published on Aug. 3, Bithumb said it is pushing ahead with the IPO to boost corporate value and demonstrate management transparency. It also disclosed a step-by-step listing timetable.
Bithumb said it will complete its internal control upgrades this year and prepare to adopt Korean International Financial Reporting Standards, or K-IFRS. The company aims to file for the preliminary listing review in 2027 and complete the IPO in 2028, although the schedule could change depending on market conditions and the timing of reviews by relevant authorities.
As part of the listing process, Bithumb plans to strengthen employee compliance oversight and internal control procedures to the level of regulated financial institutions. It is also shifting from Korean Generally Accepted Accounting Principles, or K-GAAP, to K-IFRS and reviewing its risk management framework with domestic accounting firms.
The company is also restructuring its business. It has pursued measures including a spin-off of Bithumb Asset to separate roles and responsibilities by business division. Bithumb said the changes are intended to simplify its business structure and reduce the potential for conflicts of interest.
To cope with market volatility, the exchange plans to diversify its business model and secure liquid assets. It also intends to regularly disclose its financial condition, key management matters and cryptocurrency holdings to build trust with investors and customers.
Bithumb said it is working with external specialists including securities firms, law firms and accounting firms to assess corporate value, review legal risks and prepare a response strategy for the preliminary listing review.
"An IPO is a process through which the company’s integrity and sustainability are tested by the market and investors," Bithumb said. "We will build a transparent governance structure, stronger internal controls and investor protection systems."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.