Bithumb is not giving up on going public. South Korea's second-largest crypto exchange announced it will push its IPO to "highly likely after 2028," a significant delay from its original 2025 target and the revised 2027 goal. The company has signed a preparatory agreement with Samjong KPMG that runs through 2027, with Samsung Securities lined up as the lead manager for a planned KOSDAQ listing.
The postponement comes after a chaotic 2026. A staff member entered Bitcoin as the payment unit instead of South Korean won during a promotional event, accidentally crediting users with 620,000 BTC valued at roughly $43 billion at the time. The blunder exposed massive gaps in Bithumb's systems, though the exchange managed to reverse most transactions. Regulators responded with a $25 million fine and a six-month suspension, leaving investors nervous about the company's operational maturity.
Bithumb's CFO Jeong Sang-gyun framed the delay as a "preparatory phase" where the company will get its house in order. The exchange is rolling out governance reforms, appointing new auditors and setting aside $68 million for user protection funds. These moves signal an attempt to convince wary institutional investors that the worst is behind them.
Market sentiment remains cautious. Crypto exchange IPOs have become riskier terrain after regulatory crackdowns and the volatility that followed the FTX collapse.