Svmuu News: South Korean crypto exchange Bithumb announced it is postponing its IPO until after 2028, further delaying its previous target of listing as early as the second half of 2025.
The company stated it is still in the preparation phase for listing, focusing on refining accounting policies, strengthening internal controls, and advancing internal audits. It has signed a consulting agreement with Samjong KPMG until the end of 2027, with the IPO expected to be completed thereafter.
Despite Bithumb achieving approximately $43 billion in revenue (651 billion Korean Won) in 2025 and increasing its market share to over 30%, a recent series of internal and regulatory issues have put pressure on the IPO process.
These include a "misoperation" incident where the platform mistakenly distributed approximately 620,000 Bitcoin (valued at about $43 billion at the time) during an event. Although most of the funds have been recovered, the incident triggered an investigation by South Korean financial regulators.