Bithumb, one of South Korea's largest cryptocurrency exchanges, is laying the groundwork for a public listing. The exchange plans to file for a preliminary listing review in 2027 and is targeting an initial public offering in 2028. As part of that push, Bithumb will switch to international accounting standards this year.
IPO timeline
The 2028 target gives Bithumb roughly two years to get its financial house in order. The preliminary review filing next year is a key procedural step — it's when the exchange formally submits to scrutiny from Korea's financial authorities and the exchange it chooses to list on. Bithumb hasn't said which exchange it's eyeing, but the timeline suggests it's serious about going public rather than pursuing a backdoor listing.
Accounting switch
Adopting International Financial Reporting Standards (IFRS) this year is a clear signal. Most global exchanges require IFRS or equivalent GAAP for listed companies. Bithumb currently uses Korean GAAP, so the move brings its books in line with what international investors and regulators expect. It's a technical shift, but one that matters for transparency and valuation.
The exchange still needs to navigate South Korea's regulatory landscape for crypto businesses. The government has been tightening rules around virtual asset service providers, and any IPO will require approval from the Financial Services Commission. Bithumb's 2027 filing will be the first real test of whether regulators are comfortable with a crypto exchange listing on a traditional stock market.
