Bithumb Exchange Delays IPO to 2028 After $43B Error, Prioritizes System Overhaul

South Korea's major cryptocurrency exchange Bithumb has postponed its initial public offering (IPO) timeline to 2028, a three-year delay from its original 2025 target. This follows a significant $43 billion operational error. The decision was confirmed during the company's annual shareholders meeting in Seoul, where CFO Jeong Sang-gyun highlighted continued preparations for the public listing, including a new advisory agreement with Samjong KPMG.

Despite the delay, Bithumb demonstrates strong financial health. The exchange reported 2025 revenues of 651 billion won ($430 million), with a net profit of 78 billion won ($51.5 million), and expanded its domestic market share to over 30%. The platform gained 1.74 million new users and switched its primary banking partner from NH Nonghyup to KB Kookmin Bank to leverage a broader customer base.

The postponement reflects strategic prudence. Bithumb is focusing on strengthening its accounting policies, internal controls, and compliance frameworks to meet stringent public market and regulatory standards, such as those from Korea's Financial Services Commission (FSC). "We are prioritizing long-term investor safety and system integrity over speed," a company representative stated, emphasizing the commitment to addressing systemic vulnerabilities before pursuing a listing.