Bithumb, South Korea's second-largest cryptocurrency exchange behind market leader Upbit, has outlined plans to complete its initial public offering in 2028, with a preliminary listing review filing scheduled for 2027.

The timeline represents a significant step in the exchange's long-term IPO strategy. If successful, Bithumb would become one of the few major cryptocurrency exchanges globally to list publicly, a group that currently includes Coinbase, which debuted on Nasdaq in 2021. Bithumb is currently strengthening internal controls, transitioning accounting standards, and restructuring its business operations ahead of the planned filing. The company cautioned that the schedule may shift depending on market and regulatory conditions.

Internal Reforms Underpin 2027 Filing Target

Bithumb's path toward a 2027 preliminary review depends on structural changes already in motion. The exchange stated that it aims "to maximize corporate value and demonstrate management transparency."

As part of its preparations, Bithumb is consulting with leading domestic accounting firms to transition from K-GAAP (Korean Generally Accepted Accounting Principles) to K-IFRS (Korean International Financial Reporting Standards), the standard used in global capital markets and a baseline expectation for companies seeking public listings in most developed jurisdictions.

Governance restructuring also supports the 2027 filing target. Bithumb has spun off Bithumb Asset to separate business division roles, a move the company said will "fundamentally block unnecessary potential conflicts of interest." The clearer governance framework is intended to build market confidence in advance of the review.

Financial Stability and Disclosure Enhancements

Bithumb is diversifying its business model to better withstand market volatility and is increasing its holdings of liquid assets during this preparatory period. The exchange described this approach as laying "the foundation for stable shareholder value creation" following listing.

Disclosure practices are also being expanded before the preliminary review. Bithumb already publishes financial status and asset holding information on a regular basis and committed to providing "only reliable and objective information" as it moves forward — a practice that aligns with listing review expectations.

External Partners and Market Communication

Multiple external institutions are involved in preparing for the 2027 filing. Bithumb is working with both domestic and international securities firms as underwriters, while law firms and accounting firms assess legal risk and corporate value. These reviews are designed to meet listing requirements "from a conservative and rigorous perspective."

The exchange has also broadened its market communication as the IPO timeline approaches. Bithumb said it is "fully opening communication channels with the media, investors" and customers, with regular updates on management status forming part of the outreach. The exchange pledged to "listen even more carefully" to market feedback.

Three-Phase Timeline Through 2028

The preparation schedule spans three phases:

• 2026: Completion of internal control upgrades and K-IFRS accounting preparation.
• 2027: Submission of the preliminary listing review request.
• 2028: Targeted IPO completion, subject to regulatory review.

Bithumb stated it will "prepare sincerely until the very last moment" to earn market trust and intends to proceed through each phase without setbacks. Officials reiterated that timing could change based on regulatory schedules, adding that continued preparation remains the company's priority at every stage.

Source: Blockonomi