Bithumb has pushed back its long-anticipated initial public offering, with company executives now signaling that a listing will likely take place after 2028. The update came during the firm’s 12th annual general meeting in Seoul, where leadership addressed financial performance, regulatory pressure, and internal control concerns.
Chief Financial Officer Jeong Sang-gyun confirmed that the company remains in a preparatory phase.
“We are currently in the process of preparing to strengthen accounting policies and internal controls, and as we are pursuing the industry’s first listing, we are conducting thorough internal verification,” he said at the meeting, according to local outlet Maeil Business Newspaper.
The exchange signed an IPO advisory agreement with Samjong KPMG through the end of 2027. A company official added that the actual listing will “highly likely take place after 2028,” which extends a timeline that previously pointed to a potential debut as early as 2025.
Strong financials contrast with delayed listing
Despite the delay, Bithumb reported solid financial results for 2025. The company disclosed total assets of approximately 3.32 trillion won and liabilities of about 2.46 trillion won. Revenue reached around 651.3 billion won, while operating profit stood at roughly 163.5 billion won. Net profit came in at approximately 78 billion won.
The exchange expanded its user base after switching its banking partner to KB Kookmin Bank, which holds one of the largest customer bases in South Korea. That move helped Bithumb surpass a 30% market share and attract 1.74 million new users.
Chief Executive Officer Lee Jae-won emphasized the company’s focus on stability during a volatile market period.
“Last year was a year in which we focused on enhancing brand awareness and upgrading our transaction infrastructure, despite increasing market volatility,” he said. “Based on this stable business management, we will continue our growth this year.”
Shareholders approved Lee’s reappointment for another two-year term, along with internal director Hwang Seung-wook.
Shareholder pressure and dividend concerns
The meeting exposed tensions between management and investors. Some shareholders questioned the absence of dividends despite improved financial performance. One participant pointed to rival practices, noting that competitor platforms have distributed profits to investors.
In response, Lee said the company prioritized expansion and market share over payouts.
“Last year, considering the competitive market conditions, we concentrated capital on expanding the company’s market share and increasing corporate value,” he stated. “We will do our utmost to enhance shareholder value and actively discuss related matters, such as dividends, through the Board of Directors.”
The company approved an amendment to increase the limit for convertible bond issuance from 150 billion won to 300 billion won. The change aims to provide flexibility for external fundraising as Bithumb prepares for a future listing.
Internal control issues draw scrutiny
Recent operational missteps have added pressure to Bithumb’s IPO path. Executives addressed a high-profile incident in which the platform mistakenly credited users with Bitcoin instead of Korean won during a promotion. The error temporarily created internal balances worth tens of billions of dollars.
The company described the incident as a human error and said corrective measures were completed in February under supervision from the Financial Supervisory Service. Bithumb established a company-wide task force to prevent similar incidents.
Regulatory scrutiny has intensified. The Financial Intelligence Unit imposed a fine of approximately 36 billion won and issued a partial business suspension related to compliance concerns. Strategy Director Lee Ju-hyun said the firm is reviewing whether to pursue an administrative lawsuit.
These developments have placed additional focus on the company’s internal governance. The IPO delay indicates efforts to address these issues before entering public markets.
Competitive landscape and strategic adjustments
Bithumb operates in a competitive domestic market led by major players such as Dunamu. Dunamu has explored its own listing plans through collaboration with Naver Financial, which could reshape the competitive balance in South Korea’s crypto sector.
Bithumb executives acknowledged the need to diversify revenue streams. The company currently relies heavily on transaction fees, which account for more than 97% of its income. Leadership said it is reviewing partnerships and merger opportunities to expand beyond a single-business model.
The broader regulatory environment plays a role in timing decisions. South Korea continues to develop its Framework Act on Digital Assets, which could influence compliance requirements and valuation considerations for exchanges seeking public listings.
Focus shifts to long-term preparation
Bithumb’s revised timeline signals a strategic shift toward internal strengthening rather than rapid market entry. The company plans to use the period through 2027 to refine governance structures, improve accounting standards, and respond to regulatory expectations.
The delay places Bithumb among several crypto firms that have extended IPO plans amid evolving market conditions and oversight requirements. While financial performance shows growth, internal risks and compliance challenges remain central to the company’s next phase.
Gunel Ismayilova
Disclaimer: All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that, despite the nature of much of the material created and hosted on this website, HODL FM operates as a media and informational platform, not a provider of financial advisory services. The opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice, HODL FM strongly recommends contacting a qualified industry professional.
