Key Points
- Bithumb has moved its expected public offering date to 2028 following an internal assessment.
- The exchange’s Chief Financial Officer Jeong Sang-gyun announced the updated timeline at the company’s annual shareholders gathering.
- Management is focusing on enhancing accounting practices and governance frameworks ahead of the listing.
- The company engaged Samjong KPMG as its IPO advisor under a contract extending through December 2027.
- Original plans targeted a market debut during the latter half of 2025.
South Korean digital asset platform Bithumb has revised its timeline for going public, now targeting 2028 for its market debut. Company leadership revealed the adjusted schedule at Tuesday’s annual shareholders gathering. Officials emphasized ongoing preparation efforts while managing internal and compliance challenges.
Public Offering Plans Extended Amid Governance Enhancement
Chief Financial Officer Jeong Sang-gyun disclosed the updated public offering timeline during the shareholders session. He emphasized the organization’s commitment to building robust oversight mechanisms. Jeong explained that teams are working on “reinforcing accounting frameworks, governance systems and executing comprehensive internal audits.”
The exchange has partnered with Samjong KPMG under an advisory arrangement that runs until the conclusion of 2027. A company representative indicated the market listing would “most probably occur beyond 2028,” as reported by Maeil Business Newspaper. Previous projections had anticipated a public market entry in late 2025, though leadership has since recalibrated those expectations.
The platform generated approximately 651 billion won in revenue during 2025, equivalent to $430 million. The exchange also increased its share of the domestic market to over 30% throughout the same timeframe. Leadership presented these metrics while discussing advancement toward the eventual offering.
Executives indicated that internal infrastructure needs additional strengthening before proceeding with the listing. Consequently, the organization continues enhancing compliance architecture and financial reporting protocols. Jeong emphasized that preparedness takes priority over timeline acceleration.
BTC Distribution Incident and Regulatory Oversight Create Challenges
Leadership also discussed a technical malfunction related to Bitcoin transactions earlier in the year. The platform inadvertently released approximately 620,000 BTC during a marketing initiative. The distributed amount represented an estimated value of $43 billion at that moment.
Management reported retrieving the majority of the erroneously distributed BTC following detection of the malfunction. The company established a cross-departmental team dedicated to preventing comparable occurrences going forward. Executives informed shareholders that monitoring procedures now operate under enhanced oversight protocols.
South Korea’s Financial Supervisory Service initiated an inquiry following the incident. Regulatory authorities have been assessing Bithumb’s governance mechanisms and risk oversight frameworks since that time. The examination continues as officials evaluate compliance adherence.
Additionally, the Financial Intelligence Unit levied a penalty of roughly 36 billion won, equivalent to $27 million. The agency also mandated a limited operational suspension based on regulatory determinations. Company officials stated they are considering whether to contest those penalties.
As Bithumb adjusts its market entry timeline, competitor platform Dunamu continues progressing with its own listing strategy. Dunamu manages Upbit, among South Korea’s most prominent cryptocurrency trading venues. That organization has been pursuing a public offering through a strategic partnership with Naver Financial.
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