Bithumb is beginning step-by-step preparations for a stock market listing, including strengthening its internal control system, switching accounting standards and overhauling its governance structure, with a goal of an initial public offering in 2028.

Bithumb said on Monday it is pursuing a roadmap to complete preparations by this year to strengthen internal controls and shift to Korean International Financial Reporting Standards (K-IFRS). It plans to request a preliminary listing review in 2027 and complete an IPO in 2028.

It is first overhauling its risk management and internal control systems to the level of regulated financial companies to better protect customer assets and improve system stability.

In accounting, it is conducting consulting with a major accounting firm and is working to shift from Korea Generally Accepted Accounting Principles (K-GAAP) to K-IFRS. It is also working with external specialist institutions, including domestic and overseas securities firms and law firms, to strengthen compliance monitoring and internal control processes.

It also carried out a governance overhaul. Bithumb last year separated Bithumb, which handles its digital asset exchange business, from Bithumb Asset, which is responsible for new businesses, through a corporate split.

It is also pushing to diversify its revenue structure. It plans to supplement its fee-focused business model and secure liquid assets to maintain a stable business foundation after listing.

It is also strengthening disclosures and its market communication system required of listed companies. It currently regularly discloses its financial status and information on its digital asset holdings, and plans to expand the scope of information provided on key management matters.

A Bithumb official said, "This IPO drive is aimed at raising the transparency and stability of digital asset exchanges to the level of regulated finance," adding, "We will progressively meet the remaining listing requirements so that we can be reborn as a company that the market and investors can trust."