BroadChain has learned that South Korean cryptocurrency exchange Bithumb announced on April 2 that it has postponed its initial public offering (IPO) until after 2028, pushing back its previous target of listing as early as the second half of 2025.
A senior Bithumb executive stated the company will now "focus on preparing for a listing by 2027."
At the annual general meeting, Bithumb CFO Jeong Sang-gyun explained that after signing an IPO advisory contract with Samjong KPMG, the exchange is "strengthening its accounting policies and internal controls." The advisory agreement is set to run through the end of 2027, with the IPO expected to follow its completion.
During the same meeting, Bithumb CEO Lee Jae-won was re-elected for another two-year term. His previous tenure saw the exchange penalized by South Korean regulators, resulting in a six-month operational suspension and a $24 million fine for alleged anti-money laundering (AML) violations.
Despite reporting approximately $43 billion in revenue in 2025 and growing its market share to over 30%, Bithumb has faced recent internal and regulatory challenges that have pressured its IPO schedule. These include a major "misoperation" where the platform erroneously distributed around 620,000 BTC (worth roughly $43 billion at the time) during a promotional event. While most of the assets were recovered, the incident prompted an investigation by South Korea's financial authorities.
In a related development, Dunamu—the operator of South Korea's other leading exchange, Upbit—also plans to pursue an IPO following a share swap with Naver Financial, targeting a listing around September 2026.