South Korean cryptocurrency exchange Bithumb said its IPO plans are now expected to take place sometime in 2028, the latest delay in a public listing push that has stretched on for more than two years.

Speaking at the company's annual shareholders meeting on Tuesday, Chief Financial Officer Jeong Sang-gyun confirmed Bithumb is still in the preparatory phase, focusing on "strengthening accounting policies, internal controls and conducting thorough internal verification."

The exchange signed an IPO advisory agreement with Samjong KPMG through the end of 2027, with a Bithumb official saying the actual listing will "highly likely take place after 2028," according to local outlet Maeil Business Newspaper.

It pushes the IPO timeline beyond earlier expectations, with Bithumb previously targeting a listing as early as the second half of 2025.

Internal issues

Despite reporting roughly 651 billion won ($430 million) in 2025 revenue and a market share bump above 30%, the shareholder meeting also touched on recent internal issues that could complicate Bithumb's path to listing.

Executives addressed a fat-finger error earlier this year in which it mistakenly distributed roughly 620,000 BTC, worth about $43 billion at the time, to users as part of a promotional campaign. The exchange said it has since recovered most of the funds and formed a company-wide task force to prevent similar incidents.

The error prompted a probe by South Korea’s Financial Supervisory Service, which has been examining the exchange’s internal controls and risk management.

The exchange is also facing regulatory pressure from the Financial Intelligence Unit, including a roughly 36 billion won ($27 million) fine and a partial business suspension. Executives said the company is reviewing whether to challenge the sanctions.

Meanwhile, Dunamu, the operator of rival exchange Upbit, is pursuing its own IPO plans through a tie-up with Naver Financial.