TLDR:
- Bithumb has officially pushed its IPO timeline beyond 2028, citing regulatory uncertainty and internal control preparations.
- The exchange posted 651.3 billion won in sales and 78 billion won in net profit for the fiscal year 2025.
- Bithumb’s switch to Kookmin Bank drove market share past 30% and attracted 1.74 million new subscribers in 2025.
- A 36 billion won FIU fine and a Bitcoin mispayment incident raised shareholder concerns over internal compliance risks.
Bithumb has pushed its initial public offering timeline beyond 2028, confirming another delay at its 12th Annual General Meeting held in Seoul on March 31.
The South Korean crypto exchange had previously been expected to list in 2027. CFO Jung Sang-kyun cited ongoing work to strengthen accounting policies and internal controls as key reasons for the extended timeline. The company engaged Samjung KPMG as its IPO advisory partner at the end of last year.
Regulatory Environment and Internal Preparations Drive the Listing Delay
According to Maeil Business News Korea, Bithumb signed an IPO advisory agreement with Samjung KPMG with a preliminary 2027 deadline for preparatory work. However, officials clarified that the actual listing is now expected after 2028.
CFO Jung described the process as the industry’s first listing promotion, requiring thorough internal verification. He stated, “We are currently working on preliminary work to strengthen accounting policies and internal controls.”
South Korea’s Digital Asset Framework Act is also a major factor in the revised schedule. The legislation is expected to pass in the second half of the current year.
Bithumb is closely monitoring regulatory developments before committing to a firm listing date. A company official added, “The actual listing is likely to be after 2028, and we will work hard to prepare for the listing until 2027.”
That gives the exchange roughly two more years to align its internal controls with listing requirements. Officials said they plan to time the listing to maximize corporate value once conditions are favorable.
The delay reflects a cautious approach rather than a setback in business performance. Bithumb’s sales, operating profit, and net profit all improved considerably in 2025.
CEO Lee Jae-won was reappointed at the same shareholders’ meeting for a two-year term. He noted, “Last year was a year when we focused on improving brand awareness and upgrading transaction infrastructure despite increasing market volatility.”
The board also approved in-house director Hwang Seung-wook for another term alongside him. Shareholders additionally greenlit a proposal to raise the convertible bond issuance ceiling from 150 billion won to 300 billion won.
Strong 2025 Results Fail to Shield Bithumb from Shareholder and Compliance Pressure
Despite the IPO delay, Bithumb posted solid financial results for 2025. Sales reached approximately 651.3 billion won, while operating profit came in at around 163.5 billion won.
Net profit stood at roughly 78 billion won for the year. Total assets were recorded at approximately 3.3249 trillion won as of the end of 2025.
The exchange attributed part of its growth to switching its partner bank from NH Nonghyup Bank to Kookmin Bank. That transition improved public accessibility and pushed market share beyond the 30% mark.
New subscriber numbers reached 1.74 million during the same period. CEO Lee added, “We will continue to grow this year based on this stable business management.”
Shareholders raised concerns over dividend payments during the meeting, with one asking, “Competitor Dunamu pays dividends, but Bithumb has not heard from it after a single dividend in the past.”
CEO Lee responded directly to the concern, saying, “We will do our best to enhance shareholder value and actively discuss related issues such as dividends through the board of directors.”
He also noted that capital was redirected toward expanding market share and corporate value throughout 2025. The exchange attributed that decision to increasing market competition during the year.
Questions over a Bitcoin mispayment incident and a 36 billion won fine from the Financial Intelligence Unit also surfaced. Strategy Division head Lee Ju-hyun said, “We are considering whether to file an administrative lawsuit so that we can defend the company’s value through due process.”
On competition from the Dunamu and Naver Financial merger, CEO Lee stated, “We are actively considering business collaboration and M&A proposals with various companies to be competitive.”
He added that internal benchmarking is underway to diversify beyond the exchange’s current 97.69% commission income structure.
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