TL;DR:
- The South Korean platform is pushing its stock market debut to after 2028, following the extension of its advisory agreement with Samjong KPMG through the end of 2027.
- Despite the delay, the company reported 2025 revenue of 651 billion won ($430 million) and a market share exceeding 30%.
- The delay stems from a need to overhaul internal controls following a $43 billion operational error and ongoing regulatory fines.
South Korean cryptocurrency exchange Bithumb has announced that its Initial Public Offering (IPO) will be postponed until 2028. The decision is driven by the need to strengthen internal controls and adapt to the volatile conditions of the current regulatory and financial environment.
During its latest shareholders’ meeting, a solid operational performance with significant revenue was revealed. However, the shadow of a $43 billion operational error in BTC and sanctions from the Financial Intelligence Unit (FIU) totaling 36 billion won have fractured institutional confidence. These technical and compliance factors are critical for achieving a proper valuation on the KOSPI.
Internal Challenges and Regulatory Pressure in the Korean Ecosystem
Furthermore, company leadership emphasized that the preparation process will now focus on bolstering accounting policies. This measure aims to mitigate risks following the Financial Supervisory Service (FSS) investigation into the platform’s risk management.
Additionally, the recent massive transactional error has forced the creation of a specialized task force. This incident not only affected operations but also drew stricter regulatory oversight at a time when competition with Upbit is intensifying.
Consequently, the path toward a public listing is now more complex than originally projected for 2025. Executives are currently evaluating whether to challenge the imposed fines to clean up the balance sheet before the new 2028 horizon.
Bithumb is prioritizing structural stability and regulatory transparency over a quick listing. This strategic move seeks to ensure a successful IPO in 2028, within a market that increasingly demands higher guarantees of control and solvency.
