Bithumb targets 2028 IPO as it tightens controls, governance and accounting systems

Bithumb said it is accelerating preparations for a 2028 initial public offering by strengthening internal controls, overhauling its accounting and governance systems, and upgrading risk management to standards used by regulated financial institutions. The South Korean exchange plans to complete improvements to its internal control framework and preparations for a transition from K-GAAP to K-IFRS by 2026, undergo a preliminary listing review in 2027, and complete the IPO in 2028. The company said it is working with a major accounting firm on the accounting transition and with domestic and overseas securities firms and law firms to reinforce compliance oversight and internal control processes. It is also expanding governance reforms after last year's spin-off that separated the exchange business under Bithumb from new businesses under Bithumb Asset, a move it said simplified the business structure, clarified responsibilities and reduced potential conflicts of interest. Bithumb said it also plans to diversify revenue beyond transaction fees, secure ample liquid assets and increase market communication through regular disclosure of its financial status and virtual-asset holdings, along with major management matters. The push comes as the exchange remains under scrutiny over internal controls following South Korea's Financial Supervisory Service sanctions procedure tied to an erroneous Bitcoin overpayment incident earlier this year.