Bithumb has published a formal IPO timeline, targeting a public listing by 2028. The three-stage plan starts this year with internal control upgrades, a shift to K-IFRS accounting, and the spin-off of its asset management unit. The exchange once aimed for a second-half 2025 debut but delayed after new obligations piled up.
The three stages
Stage one, running through 2026, is about cleaning house. Bithumb is upgrading internal controls, moving to Korean International Financial Reporting Standards, and has already spun off its asset management arm as Bithumb Asset. The idea is to separate responsibilities and reduce conflicts of interest.
Stage two lands in 2027. That's when Bithumb plans to file a preliminary listing review with Korean regulators. Notably, 2027 is also the year a new 22% crypto tax takes effect. The exchange will have to navigate that while under regulatory scrutiny.
Stage three is the IPO itself, targeted for 2028. Bithumb indicated a preference for listing on South Korea's Kosdaq board, though a Kospi listing remains possible. The schedule could shift depending on market conditions or how the regulatory review goes.
Why now?
The timing isn't accidental. Bithumb's shareholders backed CEO reappointment earlier this year after a Bitcoin balance-display glitch led to a record fine in March 2026. That incident, plus a broader Kosdaq market crash that sent South Korean trading volume to a two-year low, put pressure on the exchange to show it's serious about governance.
Bithumb has pledged transparent governance, stronger internal controls, investor protection, and more frequent disclosure. It's a direct response to the fine and the market downturn.
Regulatory tailwinds
Japan and South Korea are exploring a broader digital asset framework that could aid Bithumb's compliance path. That's a positive signal, but the exchange still faces a tough domestic environment. The 2027 tax will likely squeeze retail trading volumes, and the Kosdaq crash already did.
Still, exchange listings can move markets. In July 2026, a small-cap token jumped nearly 30% after being listed on both Upbit and Bithumb. That kind of activity keeps the exchange relevant even as it prepares for its own public debut.
Bithumb will spend the rest of 2026 executing its internal overhaul. The next big milestone is the 2027 filing with regulators. Whether that happens on schedule depends on market conditions and how quickly the exchange can prove its new controls are working. The 22% tax looms, but so does the potential for a clearer cross-border framework with Japan.
