In a notice posted on X on Monday, the company said it has already begun IPO preparations by strengthening internal controls, improving accounting standards, and boosting transparency, with plans to file for a preliminary review in 2027 before completing the IPO in 2028.
Bithumb said it is working with domestic and overseas securities firms, accounting firms and external experts to strengthen internal controls and establish systems required for a public company, while bringing its risk management and compliance systems up to the standards of regulated financial institutions to enhance trust.
As part of these efforts, Bithumb streamlined its business structure last year by spinning off its core exchange operations from newer businesses to create Bithumb Asset, a move aimed at clarifying responsibilities between business areas and reducing potential conflicts of interest.
Bithumb also plans to reduce its reliance on the cryptocurrency market by diversifying its business portfolio and maintaining sufficient liquidity to enhance confidence among investors.
It emphasized that greater transparency will be a key part of its IPO strategy, saying it regularly discloses financial information and details of its own crypto-asset holdings while expanding communication with investors and other stakeholders.
"We will take the necessary steps to meet listing requirements and build trust among investors," a Bithumb spokesperson said.
However it remains to be seen how its plan will materialize, as no domestic cryptocurrency exchange has yet gone public in South Korea, making Bithumb's IPO plan a closely watched development in the industry. The crypto exchange competes with Upbit, operated by fintech company Dunamu, for market share in South Korea.
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