South Korea's second-largest cryptocurrency exchange, Bithumb, has officially postponed its plans for an initial public offering (IPO) by at least two years. The firm, which had aimed to list on the US-based Nasdaq stock exchange in the first half of 2026, now states that its listing is "highly likely" to occur after the start of 2028.
The decision follows a tumultuous start to the year for Bithumb, marked by significant regulatory penalties. Financial regulators have imposed a six-month ban on new customer registrations and a $28 million fine due to compliance violations. The exchange has also faced a consumer watchdog probe into its advertising claims and scrutiny after a "fat-finger" error that accidentally gifted hundreds of customers $40 worth of Bitcoin.
Bithumb's Chief Financial Officer, Jeong Sang-gyun, explained the delay, stating, "As we are pursuing the domestic crypto industry's first-ever stock exchange listing, we need to conduct extremely thorough internal verification checks." The company plans to use the extra time to strengthen its accounting policies and internal controls. Unnamed financial experts cited in reports characterized the move as a "strategic move" to optimize timing and maximize corporate value.
Despite the regulatory headwinds, Bithumb reported strong financial results for 2025. The company's domestic market share now exceeds 30%, it added 1.74 million new customers, posted net profits of $52 million, and saw a 24% year-on-year sales increase. However, shareholders expressed discontent as the company once again decided against paying dividends, focusing capital instead on market share expansion.
In contrast, Bithumb's primary rival, Upbit (operated by Dunamu), is advancing its own IPO ambitions. Upbit plans to pursue a listing "immediately" after completing a proposed merger with South Korean tech giant Naver. This merger has itself faced a three-month regulatory delay and is now expected to finalize in September 2026.
The broader context includes a tumbling South Korean won, geopolitical uncertainty, and anticipated major regulatory changes in the South Korean crypto industry, including new stablecoin rules.
