Bithumb Targets 2028 IPO, Steps Up Internal Controls and Governance Revamp

Bithumb said on August 4 that it is stepping up preparations for a 2028 initial public offering, including tighter internal controls and an overhaul of its accounting and governance systems.

Under a phased roadmap, the company plans to complete improvements to its internal control framework and preparations for a transition to Korean International Financial Reporting Standards, or K-IFRS, by 2026. It then aims to undergo a preliminary listing review in 2027 and complete the IPO in 2028.

Bithumb is upgrading its risk management and internal control systems to the standard of regulated financial institutions to better protect customer assets and strengthen system stability. As part of that effort, it is working with a major accounting firm to convert from Korean GAAP, or K-GAAP, to K-IFRS. It is also working with domestic and overseas securities firms and law firms to strengthen compliance oversight and internal control processes.

The company is also continuing efforts to improve governance. Last year, Bithumb split its operations through a spin-off into Bithumb, which oversees the exchange business, and Bithumb Asset, which handles new businesses. The company said the move simplified its business structure, clarified roles and responsibilities by business unit, and reduced the potential for conflicts of interest.

Bithumb also plans to diversify its revenue base. It aims to supplement its transaction fee-centered business model and secure ample liquid assets to build a foundation for stable corporate value and shareholder value after the listing.

The company also plans to expand communication with the market by regularly disclosing its financial status and virtual-asset holdings, while proactively releasing major management matters.

A Bithumb official said the IPO push goes beyond a simple listing and signals the company's intention to raise the transparency and stability of a virtual-asset exchange to the level of mainstream financial institutions. The official added that Bithumb will systematically meet the remaining listing requirements to become a company trusted by the market and investors.