Bithumb, one of South Korea's largest cryptocurrency exchanges, is reportedly aiming for an initial public offering in 2028, with plans to initiate a preliminary listing review in 2027, according to Chosun Biz.

South Korea ranks among the world's largest cryptocurrency trading markets by volume, and a successful IPO by a domestic exchange would mark a significant milestone for the country's digital asset sector, which has historically operated under intense regulatory oversight.

The reported timeline outlines a multi-stage process rather than an immediate market debut. A preliminary review, the formal step in which a stock exchange evaluates whether a company satisfies listing requirements, would precede any public offering by approximately one year.

Target Date, Not a Confirmed Listing

Under the plan, 2028 serves as a target year rather than a confirmed listing date. Chosun Biz frames the schedule as an intention that remains contingent on the outcome of the review process and prevailing market conditions at the time.

This extended horizon aligns with earlier reporting indicating that Bithumb had postponed its IPO bid amid economic uncertainty, pushing its listing ambitions further into the future.

Should Bithumb eventually complete a public listing, it would join a small group of cryptocurrency exchanges that have accessed public capital markets. Coinbase, the largest US-based exchange, debuted on Nasdaq in 2021, while several other trading platforms worldwide have explored or delayed similar steps amid regulatory and market headwinds.

Governance and Regulatory Context

A major cryptocurrency exchange pursuing a public listing places a leading platform on a path toward capital-market standards. A preliminary review typically brings heightened attention to transparency, governance, and compliance, as listing candidates must satisfy exchange requirements before proceeding.

Reporting has tied Bithumb's listing path to regulatory scrutiny surrounding the exchange. South Korean police previously booked Bithumb's CEO as a bribery suspect, the type of governance question that a preliminary review process is designed to examine.

Corporate Interest and Operations

The IPO plan comes as Bithumb attracts corporate interest. Kiwoom Securities has reportedly sought a stake in the exchange, underscoring how a potential listing path can reshape both ownership structure and strategic positioning.

Bithumb's day-to-day operations continue to draw attention from traders, including new token listings and periodic token delistings announced jointly with Upbit.

Any market impact from the IPO plan remains forward-looking rather than a confirmed outcome, given that the preliminary review has not yet commenced.