Bithumb Delays IPO to 2028, Affected by Internal and Regulatory Factors

Odaily News: South Korean cryptocurrency exchange Bithumb has announced a postponement of its IPO timeline to after 2028, further delaying its previously stated goal of going public as early as the second half of 2025.

The company stated that it is currently still in the preparation phase for listing, with a focus on refining accounting policies, strengthening internal controls, and advancing internal audits. It has signed an advisory agreement with Samjong KPMG lasting until the end of 2027, and expects the listing to be completed after that period.

Although Bithumb achieved approximately $43 billion in revenue (6.51 trillion KRW) in 2025 and increased its market share to over 30%, a recent series of internal and regulatory issues have put pressure on the IPO process.

This includes an "operational error" incident: the platform mistakenly distributed approximately 620,000 Bitcoin (worth around $43 billion at the time) during a promotional event. While most of the funds were recovered, it triggered an investigation by South Korean financial regulators.