Key Takeaways
- The South Korean crypto exchange has moved its anticipated public offering to 2028.
- CFO Jeong Sang-gyun announced the schedule revision at the company’s yearly shareholder gathering.
- Management cited the need to enhance accounting practices and governance frameworks ahead of going public.
- An advisory partnership with Samjong KPMG extends through December 2027 to support IPO preparations.
- Initial plans targeted a market debut during late 2025.
Major South Korean digital asset platform Bithumb has revised its timeline for entering public markets, now setting sights on 2028. Company leadership disclosed the updated schedule at Tuesday’s annual shareholder assembly. Officials emphasized ongoing preparation efforts alongside resolution of compliance and operational challenges.
Public Offering Plans Extended as Foundation Work Advances
During the shareholder session, CFO Jeong Sang-gyun outlined the modified roadmap for Bithumb’s market entry. He emphasized the organization’s commitment to building robust operational frameworks. According to his remarks, the team is “reinforcing financial reporting standards, governance mechanisms and executing comprehensive internal audits.”
The exchange has partnered with Samjong KPMG under an advisory contract running until December 2027. A representative from the firm indicated the stock market launch will “most probably occur beyond 2028,” as reported by Maeil Business Newspaper. Previous projections had positioned the company for a late 2025 entrance, though leadership has since recalibrated expectations.
Financial results showed approximately 651 billion won in 2025 turnover, equivalent to roughly $430 million. The platform also expanded its share of South Korea’s crypto trading market beyond 30% during this timeframe. Leadership presented these metrics while discussing advancement toward the eventual public listing.
Company officials indicated that operational infrastructure needs additional strengthening before moving forward. Consequently, work continues on refining regulatory adherence frameworks and disclosure protocols. Jeong stressed that thorough preparation takes precedence over accelerated timelines.
Bitcoin Distribution Mishap and Authority Oversight Intensify Challenges
Leadership also discussed a significant operational mistake involving Bitcoin that occurred earlier in the year. During a marketing initiative, the platform inadvertently issued approximately 620,000 BTC to users. The misdistributed cryptocurrency represented an estimated market value of $43 billion at the time.
Management reported successfully retrieving the majority of erroneously distributed Bitcoin following detection of the error. A comprehensive internal task force was established to implement safeguards against comparable incidents. Officials assured investors that oversight protocols now function under enhanced scrutiny.
Korea’s Financial Supervisory Service initiated an investigation following the incident. Regulatory authorities have been assessing the exchange’s governance structures and risk mitigation frameworks since the error came to light. This examination continues as officials evaluate compliance measures.
In a separate regulatory matter, the Financial Intelligence Unit levied a penalty totaling approximately 36 billion won, equivalent to $27 million. The agency additionally mandated a temporary suspension of certain business operations based on compliance deficiencies. Company executives stated they are evaluating potential appeals of these enforcement actions.
As Bithumb recalibrates its public market strategy, competitor Dunamu continues progressing with its own listing initiatives. Dunamu runs Upbit, among South Korea’s most prominent cryptocurrency trading platforms. That organization has been pursuing stock market entry through a strategic alliance with Naver Financial.
