Bithumb IPO ambitions have been postponed to after 2028 following an expensive error in operation that shook the regulators and investors.
The delay shows the continuous attempts to tighten the belt and rebuild the reputation following a significant Bitcoin mispayment.
Bithumb postpones IPO to rebuild systems and credibility
The most influential exchange in South Korea, Bithumb, has once again postponed its IPO. The company has revised the expectation of an IPO to 2028 and not before.
The update was confirmed by executives in a shareholders’ meeting in Seoul. Jeong Sang-gyun, who is the CFO, added that preparations are underway despite the new schedule.
The advisory support has been taken up by Samjong KPMG. The collaboration will enhance the accounting principles and governance systems.
Bithumb is still stable financially due to the blowback. It had 651 billion won of revenue in 2025.
After-tax operating profit was 163.5 billion won. The net profit was 78 billion won during the same period.
The exchange also expanded its market share above 30%. It attracted 1.74 million new users in the year.
Bithumb has recently changed the banking partner to KB Kookmin Bank. The move exposes it to a wider customer base.
$43 billion Bitcoin error triggers regulatory scrutiny
It is delayed after a huge Bitcoin mispayment in a 2026 promotion. One employee accidentally sent 620,000 Bitcoin instead of 120,000 that he was supposed to send.
The deal was estimated to be worth almost 43 billion. Nevertheless, the exchange had close to 46,000 Bitcoin in reserve.
The event resulted in a drastic 15% fall in the price of Bitcoin on the platform. Panic selling ensued as the users responded to the imbalance that had occurred.
Bithumb got back 99.7% of the incorrectly transferred funds. It has also restored 93% of Bitcoin that was sold in the hype.
Approximately 125 Bitcoins are not recoverable. The firm promised to compensate the affected users by approximately 110%.
The event was effectively dealt with by the authorities. The Financial Supervisory Service initiated a complete investigation.
Internal controls and asset backing practices were also reviewed by regulators. They also reviewed transaction approvals and system safeguards.
The agency added a fine of approximately 36 billion won. It also had a temporary restriction of some of the services.
Internal reforms and compliance efforts take priority
Bithumb has gone on to implement more stringent operational measures. Transaction processes and approval systems are now examined by a special task force.
The company is trying to avoid illegal big transfers. New security demands several approvals for high-value deals.
Bithumb also established a fund to protect its users, which is 100 billion won. The fund is meant to recompense users during emergencies.
The exchange is harmonizing its operations with the digital asset rules in South Korea. Before any public listing is done, compliance must first be met.
Bithumb is also trying to diversify its revenue base. It has almost all its revenue in commission fees.
The management is of the view that such reforms will enhance investor confidence. The company intends to get as high a valuation as possible prior to going public.
The late IPO is indicative of a skittish post-expensive mistake. Bithumb is currently concerned with stability, compliance, and long-term credibility.
