Bithumb Unveils 3-Stage Roadmap Aiming for 2028 IPO... Focusing on Governance Improvement and Transparency Enhancement

On August 3, 2026, Bithumb, South Korea's second-largest cryptocurrency exchange, officially announced its roadmap for a 2028 IPO. This announcement reflects the company's commitment to accelerating the long-delayed listing process and laying the groundwork for entry into the institutional market by completely revamping its internal control and financial reporting systems. In particular, it includes high-intensity reform measures to restore investor confidence following operational disruptions earlier this year and to meet the strict requirements of financial authorities.

This roadmap will serve as a milestone for Bithumb to be reborn as a trusted financial platform through the establishment of transparent governance and rigorous internal controls.

The roadmap unveiled by Bithumb today (the 3rd) consists of three stages. In 2026, the focus will be on completing the adoption of the Korean International Financial Reporting Standards (K-IFRS) and building an advanced internal control system. Subsequently, in 2027, the company plans to apply for a preliminary listing review with financial authorities to undergo a full verification process. If all procedures proceed without setbacks, the plan is to complete the listing and begin stock trading within 2028.

Governance Restructuring and Securing Financial Transparency

Bithumb has prioritized governance restructuring and securing financial transparency to meet listing criteria. The transition from existing accounting standards to K-IFRS is an essential step for listing on the domestic stock market, and the company intends to raise the reliability of its financial statements to an international level through this process. Furthermore, to improve governance, which has faced transparency controversies in the past, the company is pursuing six major changes, including the recruitment of external experts and the strengthening of board functions.

• Transition to K-IFRS accounting standards and strengthening of financial reporting systems
• Establishment of an advanced internal control system and expansion of compliance monitoring functions
• Establishment of a transparent, board-centered governance structure
• Application for preliminary listing review and acquisition of approval in 2027

The background for the establishment of this roadmap lies in the large-scale system error incident that occurred in February 2026. At that time, an accident involving the mispayment of approximately $40 billion worth of Bitcoin brought system defect issues to the surface, leading to intensive investigations and regulatory pressure from financial authorities. Taking this operational failure as a lesson, Bithumb has set 'advanced internal control' as a core pillar of its roadmap and is accelerating technical reinforcement work to prevent recurrence.

In terms of corporate structure, groundwork for the IPO has already been laid. In July 2025, Bithumb split its legal entity into 'Bithumb Korea,' which handles the core exchange business, and 'Bithumb A,' which manages venture investments and new businesses. The direct target of this 2028 IPO is limited to Bithumb Korea, which is dedicated to exchange operations; the strategy is to enhance business expertise and reduce complexity during the listing review process.

Regulatory Environment and Market Competitiveness

As of 2026, the South Korean virtual asset market is under the strict Virtual Asset Service Provider (VASP) framework of the Financial Services Commission and the Financial Supervisory Service. All exchanges must secure real-name verified deposit and withdrawal accounts and comply with strong user protection measures, such as keeping more than 80% of customer assets in cold wallets. Bithumb views these regulatory requirements as the minimum standard for listing and plans to increase the likelihood of passing the review by building a security and compliance system that exceeds these requirements.

The competitive landscape with Upbit, which holds an overwhelming advantage in market share, is also one of the main drivers of this IPO. By disclosing a transparent listing roadmap, Bithumb aims to preemptively secure credibility as an institutional financial entity and, based on this, attract institutional investors and expand its market share. A successful IPO is expected to serve as an opportunity to build differentiated trust capital from competitors, beyond simple fundraising.

However, whether the 2028 listing goal is achieved depends on the results of the preliminary review by financial authorities scheduled for 2027. This is because records of past system errors and investigation results regarding Anti-Money Laundering (AML) violations could act as variables in the review. The market's attention is focused on whether the roadmap presented by Bithumb will be implemented as planned and whether it will be recorded as the first listing case for a domestic virtual asset exchange.