Bithumb has pushed its IPO ambitions far beyond its earlier timeline, deciding not to pursue a public listing before 2028 as it works to fix internal accounting and control problems. The delay marks a clear shift from expansion through public markets to a longer phase of internal repair and governance work.
That decision effectively removes the previously mentioned goal of listing in 2025 and reflects a choice to stabilize operations before returning to the market. For institutional counterparties and investors, the message is that Bithumb now sees remediation, not speed, as the priority.
Internal control failures forced a reset
The postponement follows a serious operational lapse tied to an erroneous crypto distribution that created ledger imbalances and exposed weaknesses in the exchange’s accounting and verification processes. The incident, reported at roughly ₩41.7 billion, appears to have become the defining trigger for Bithumb’s decision to step back from a near-term IPO.
In response, the company brought in Samjong KPMG under an advisory engagement that runs through 2027. That mandate is centered on governance, process redesign, and accounting-policy improvements, all of which Bithumb appears to view as essential before it can present itself as listing-ready.
Management continuity has also been part of that reset. The reappointment of CEO Lee Jae-won suggests the company wants stability at the top while it works through a deeper overhaul of controls and reporting standards.
The listing path now depends on proving credibility
The delayed timetable also comes with broader regulatory baggage. Previous sanctions and fines tied to anti-money-laundering shortcomings have already raised the bar for Bithumb, making any future IPO dependent on stronger evidence of compliance and operational discipline.
That matters because Bithumb is not a marginal player. With reported 2025 revenue of about ₩651 billion and market share above 30%, the exchange has the scale to attract market interest, but also the visibility to face heavier scrutiny. Before any public offering becomes credible again, Bithumb will need to show audited remediation, stronger segregation of duties, and far more reliable reconciliation and reporting processes.