South Korean crypto exchange Bithumb plans to complete an initial public offering in 2028 as it works to bring its accounting, governance and risk management systems closer to the standards required of listed financial companies.

Bithumb disclosed the timeline in an official notice Monday, describing the IPO as part of a broader effort to increase corporate transparency and strengthen customer trust in South Korea’s virtual asset industry.

Under the three stage roadmap, Bithumb plans to complete upgrades to its internal controls and prepare its transition to the Korean International Financial Reporting Standards during 2026.

The exchange intends to submit an application for preliminary listing approval in 2027 and complete the IPO process in 2028. Bithumb cautioned that the schedule could change depending on market conditions and the review timeline of relevant authorities.

The updated roadmap provides a more detailed timeline after Bithumb said at its March shareholder meeting that its listing would likely take place after the start of 2028. The exchange had previously considered going public as early as the second half of 2025.

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As part of the preparations, Bithumb is moving from Korean Generally Accepted Accounting Principles to the accounting framework used by listed companies in the country.

The company is also working with accounting firms to improve financial reporting, compliance monitoring and risk management. Internal control procedures for employees will be strengthened to standards comparable with those applied by institutional financial companies.

Bithumb said it has also restructured its business operations to clarify the responsibilities of individual divisions and reduce potential conflicts of interest.

That process included the separation of Bithumb Asset from the exchange business. Bithumb said the restructuring would simplify its corporate structure and establish governance that investors and regulators can evaluate more clearly.

The exchange also plans to reduce its exposure to crypto market volatility by diversifying its business model and maintaining sufficient liquid assets.

Bithumb said a more stable revenue structure would allow it to generate sustainable shareholder value following the listing rather than remaining dependent on trading activity during strong crypto markets.

Corporate disclosures will also be expanded as part of the transition. Bithumb plans to regularly publish information covering its financial position, major management decisions and virtual asset holdings.

The company is working with domestic and international brokerages, law firms and accounting firms on corporate valuation, legal risk reviews and its preliminary listing application.

Bithumb said the IPO would serve as a test of the company’s transparency and long term sustainability while helping virtual asset businesses gain greater recognition within the institutional financial system.

“Listing is not simply about increasing the size of the company, but about creating solid trust that allows customers to trade with greater peace of mind,” Bithumb said.