Bithumb delays IPO plans until after 2028, focusing on compliance, stronger controls, and growth strategy amid regulatory challenges.
Bithumb has delayed its initial public offering again, now aiming for a listing after 2028. The company affirmed that it would concentrate on preparation work up to 2027. Besides, this is a postponement following the continuous regulatory issues and internal reorganizations during the last 2 years.
Bithumb Strengthens Systems as IPO Timeline Moves Further
According to Maeil Business News Korea, the company is improving its internal systems and policies. Jeong Sang-gyun, the Chief Financial Officer, stated that tougher accounting controls are underway. Bithumb also entered an advisory agreement with Samjong KPMG to consult with it on IPO readiness.
Related Reading: Bithumb Fined $25M Over AML Breaches in Korea
Bithumb had previously planned to go public. Those plans were however stalled with time due to regulatory problems. Financial Supervisory Service in South Korea fined 36 billion won. It also put on hold some of its services, halting the pace of IPO approvals.
Moreover, the 12th annual shareholder meeting of Bithumb took place recently in Seoul. The meeting included leadership reports and financial performance with shareholders. The company also checked its long-term strategy and compliance improvements.
Moreover, the company accepted the scheme to add convertible bonds. The overall cap was raised to 30 billion won as compared to 15 billion won. The reason behind this decision is to enhance financial flexibility in the current restructuring period.
Strong Financial Growth Contrasts with Regulatory and Market Hurdles
Bithumb also reported a high financial performance in 2025 despite delays. The total assets amounted to approximately 3 trillion won, with the liabilities being nearly 2 trillion won. In addition, the revenue had risen drastically to approximately 651.3 billion won in the year.
Operating profit was 163.5 billion won, whereas net profit was 78 billion won. These numbers present stable increases in the face of market uncertainty. Thus, the company is ever tightening its financial base.
Also, Bithumb enhanced its banking relationship by moving to KB Kookmin Bank. This bank boasts of the highest number of customers in South Korea. Consequently, the accessibility of the population increased, and the number of users on the platform grew.
Thus, the exchange gained over 30% market share in the country. It also achieved a new user base of about 17.40 million people. These figures indicate good adoption and increasing demand among investors.
Nonetheless, analysts indicate that the delay can also be tactical to the firm. It can wait until the market is better and the crypto regulations are clear. This may maximize the value of the company prior to going public.
Previously, Bithumb had thought of going public in the South Korean KOSDAQ market. It also investigated the possibility of a Nasdaq listing in the US. But both proposals are currently put on hold until at least 2028.
Overall, Bithumb is also trying to concentrate on long-term stability and compliance. The delay in the IPO is currently being experienced, but the company is undertaking to enhance governance and systems. Consequently, it would have a more stable future listing that would be appealing to international investors.
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