Bithumb Plans IPO in 2028, Advancing Internal Controls and K-IFRS Transition

South Korean cryptocurrency exchange Bithumb is advancing its IPO preparations, aiming to complete its listing by 2028. The company is collaborating with domestic accounting firms to build a risk management system, transitioning its accounting standards from K-GAAP to K-IFRS, while strengthening internal compliance and control processes. Additionally, Bithumb is restructuring by spinning off businesses like Bithumb Asset to clarify the responsibilities of various business segments, promoting business model diversification and liquidity asset reserves to enhance financial stability. Bithumb will regularly disclose its financial status, operational matters, and cryptocurrency holdings to maintain transparent operations, and will collaborate with major brokerage firms, law firms, and accounting firms to assess corporate value and legal risks, developing strategies for pre-IPO reviews. Regarding the timeline, Bithumb plans to complete the upgrade of its internal control system and K-IFRS transition preparations by 2026, submit its IPO pre-review in 2027 for approval, and complete the IPO in 2028, with specific dates potentially adjusted based on market conditions and regulatory review progress.

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