Bithumb Sets 2028 IPO Target Amid Structural Overhaul and Past Bitcoin Glitch

Woofun AI reports that Bithumb has established a definitive roadmap for a 2028 initial public offering, contingent upon a preliminary listing review in 2027. This strategic pivot is anchored by the spin-off of Bithumb Asset and overseen by CEO Lee Jae-won, aiming to clarify business unit responsibilities and mitigate conflicts of interest ahead of the public debut.

Structurally, the exchange is transitioning from domestic accounting standards to K-IFRS to align with international frameworks used by listed South Korean companies. This compliance overhaul occurs as rivals like Korbit, acquired by Mirae Asset Consulting on July 23, and Dunamu, which operates Upbit and seeks a share-swap deal with Naver Financial, deepen their traditional finance integration. Bithumb maintains its position as one of five platforms supporting fiat trading via real-name bank accounts through its partnership with KB Kookmin Bank.

The IPO trajectory is complicated by a severe February promotional error where customer accounts were mistakenly credited with 620,000 Bitcoin instead of 620,000 Korean won in cash rewards. Although Bithumb recovered 99.7% of the funds, approximately 1,788 BTC were sold before accounts were frozen. During a Feb. 11 National Assembly hearing, Lee Jae-won admitted that the internal verification process failed to check planned distributions against actual holdings and that the promotional amount was not segregated in a separate account.

Per Woofun AI, audit and listing problems persist for two linked entities: major shareholder Vidente and its indirect controller, Bucket Studio, whose shares have been suspended since March 2023. In June, Bucket Studio appointed a former police official as its standing auditor, while Vidente plans to appoint a former National Tax Service official to the same role. The Government Public Service Ethics Committee cleared both hires after finding no close relationship between the officials’ previous duties and their new roles.

The exchange’s public listing ambitions remain subject to market conditions and the review schedules of relevant authorities. These unresolved audit and listing problems for affiliated entities present a significant regulatory hurdle that could delay or derail the proposed timeline.