Bithumb IPO Delayed Past 2028 as CEO Lee Reappointed

South Korea's largest crypto exchange, Bithumb, has pushed its IPO schedule well beyond 2028. The announcement came at the company's 12th Annual General Meeting of Shareholders, held March 31 at Seonghong Tower in Gangnam-gu, Seoul. CEO Lee Jae-won walked out reappointed. And shareholders walked out with questions.

The exchange posted 651.3 billion won in sales for fiscal 2025. Operating profit reached approximately 163.5 billion won. Net profit came in at around 78 billion won. Strong numbers, by any standard.

Why Is the IPO Being Pushed Back?

The market had been pricing in a 2027 listing. Bithumb put that to rest.

Chief Financial Officer Jeong Sang-gyun told shareholders the company signed an IPO advisory contract with Samjong KPMG at the end of last year, with that contract running through the end of 2027. He said the exchange is currently working through accounting policy improvements and internal control upgrades. "We are conducting thorough internal verification," he told those at the meeting, adding that an actual listing was highly likely to fall after 2028.

That timeline shift is being read, at least internally, as a move to coordinate the listing with the expected passage of South Korea's Framework Act on Digital Assets, anticipated in the second half of this year.

Must Read: Ripple Partners Convera to Power $190B Stablecoin Payments

Bithumb had total assets of approximately 3.3249 trillion won as of year-end 2025. Total liabilities stood at around 2.461 trillion won. The exchange also moved its partnership bank from NH Nonghyup Bank to KB Kookmin Bank, Korea's largest by customer base. That change alone drove market share past the 30% mark and brought in 1.74 million new subscribers over the year.

The shareholders' meeting approved the reappointment of Lee Jae-won as CEO and internal director Hwang Seung-wook, both for two-year terms. An amendment also went through to double the ceiling for convertible bond issuances, from 150 billion won to 300 billion won. The stated reason was to secure flexibility for external fundraising.

Dividend Demands Surface at the Meeting

Not everyone left satisfied. Some shareholders raised pointed questions about dividends. One shareholder noted that competitor Dunamu pays dividends, while Bithumb has paid one, just once, in its history. That comparison landed hard in the room.

CEO Lee's response: the company redirected capital toward market share growth last year, given competitive pressures. He told shareholders the board would actively discuss dividend-related matters going forward. No specific timeline was offered.

You Might Also Like: Senator Blumenthal Questions SEC Over Treatment of Trump Linked Crypto

The exchange also faced questions over two separate regulatory and operational problems. First, a Bitcoin mispayment incident where payments were sent incorrectly in BTC units rather than Korean won units. The company described the event as human error. It said it completed corrective measures in February in the presence of a Financial Supervisory Service inspector and formed a company-wide internal control task force to prevent a repeat.

Second, the Financial Intelligence Unit imposed a 36 billion won fine and a partial business suspension on Bithumb. Strategy Director Lee Ju-hyun said the company is reviewing whether to file an administrative lawsuit in response.

Must Read: Crypto Market Rises as Bitcoin Nears $69K on Risk Shift

The exchange's revenue concentration drew comment, too. Around 97.69% of Bithumb's income comes from trading commissions. CEO Lee acknowledged this. He said the company is internally benchmarking other revenue models and is actively reviewing M&A proposals and business collaboration opportunities with external firms, partly in response to the growing scale of competitor Dunamu, which recently merged with Naver Financial.

Bithumb is Korea's second-largest crypto exchange by volume. A post-2028 listing would make it one of the later major crypto exchange IPOs globally, compared to exchanges like Coinbase, which listed in 2021, and others now pursuing similar paths in Asia. The exchange has not announced an underwriter for the eventual offering.

You Might Also Like: Bitcoin Slides as Trump Escalation Signals Renew Market Pressure

The Samjong KPMG advisory contract runs through 2027. That leaves roughly two years of preparation before any realistic listing window opens. For now, the story out of Seoul is simple enough. Strong profits. No dividend. No IPO date. Just an exchange that knows exactly what it wants, and won't be rushed.