Bithumb plans a three-stage path toward a 2028 IPO, with an initial listing filing anticipated in 2027, as part of a broader push to strengthen governance, accounting, and regulatory compliance.

In 2024, the exchange will upgrade internal controls and switch to K-IFRS from K-GAAP to align with international accounting standards.

By 2027, Bithumb aims to file for a preliminary listing review, progressing toward a 2028 offering depending on market conditions and regulatory pace.

A February promotional error led to 620,000 BTC being credited to customer accounts; about 99.7% of the overcredit was recovered, but around 1,788 BTC were sold before accounts were frozen, prompting a National Assembly hearing and CEO acknowledgment of failures in the distribution-check process.

For 2025, Bithumb posted revenue around 651.3 billion won with an operating profit near 163.5 billion won, while net profit dipped due to crypto-asset valuation losses, aided by a banking-partner transition to KB Kookmin Bank to expand user growth and market share.

Management cautions that the timeline may shift based on market conditions and regulator reviews, reflecting ongoing scrutiny after a $40 billion transfer blunder that spotlighted internal control weaknesses.

The listing push unfolds amid industry movements, including Mirae Asset Consulting’s control of Korbit and Dunamu’s potential share-swap with Naver Financial, signaling deeper ties between traditional finance, tech groups, and crypto platforms.

To prepare for the listing review, Bithumb restructured its business, clarified responsibilities, reduced conflicts of interest, diversified operations, and secured liquid assets to bolster financial stability.

As part of the restructuring, Bithumb spun off Bithumb Asset to separate business lines and streamline governance ahead of the listing review.

The company appears inclined toward a Kosdaq listing, with Kospi as a potential option if market and regulatory conditions warrant.

Bithumb remains one of five South Korean fiat-crypto platforms linked to real-name bank accounts through a KB Kookmin Bank partnership.

Two Bithumb-linked listed companies, Vidente and Bucket Studio, face ongoing audit and listing issues, with recent audit appointments aimed at addressing governance concerns.