Bithumb Strengthens Governance Ahead of 2028 IPO Plans
Affiliates of South Korean cryptocurrency exchange Bithumb have been cleared by the government to hire retired officials from the Korean National Policy Agency and the National Tax Service. Bithumb says these appointments are part of its plan to boost transparency and tighten governance as the company pushes forward with its long term IPO ambitions.
The news comes into the spotlight because the two companies Bucket Studio and Vidente are deeply linked to Bithumb’s ownership. Both have seen trading of their shares halted since March 2023, following rejected audit opinions and other issues. Still, Bithumb has set out a roadmap focused on tightening internal controls, raising governance standards, and improving financial reporting and disclosures ahead of its public listing.
Bithumb Affiliates Receive Government Approval for Auditor Appointments
The Government Public Official Ethics Committee greenlit the hiring of retired officials at these two Bithumb-linked firms after reviewing their applications on 24th of last month, according to Yonhap News Agency.
Bucket Studio brought on a retired police inspector from the Korean National Police Agency as a full time auditor. Vidente, for its part, plans to name a Grade 4 official who left the National Tax Service this June as an auditor, provided approval in the same review process.
The ethics committee found that neither official had worked on matters closely related to their new roles at either company for the five years prior to their retirement. Based on this, their employment was approved. Both companies are listed on KOSDAQ and belong to the Bithumb group.
Their structures are linked as well: Bucket Studio owns 78.89% of the KOSPI-listed Inbiogen, which itself holds 34.25% of Vidente. Vidente carries major weight in Bithumb’s own structure, with a 30% stake in Bithumb Holdings, the holding company of Bithumb, and 10.22% of Bithumb. Trading in Bucket Studio and Vidente shares remain suspended since March 2023, mainly due to a disclaimer of audit opinion.
Bithumb Details Governance and Transparency Plans Ahead of IPO
Bithumb has also announced new steps as it prepares for a public offering. The company said that as virtual assets become more integrated into everyday life and finance, it has a duty to lift transparency and trust in the South Korean virtual asset scene. The exchange says its IPO is not just about boosting corporate value but also about demonstrating transparency and giving its users more confidence.
To get ready, Bithumb says it is building out a risk management system that matches what is expected from institutional financial firms. It is working with a large domestic accounting firm and is getting set to shift from Korean GAAP to K-IFRS, moving toward international financial reporting standards.
Bithumb is also locking down tougher internal controls and compliance checks for its staff, and it is adjusting some areas of the business to improve corporate governance. The company says spinning off Bithumb Asset will clarify roles and responsibilities, cut down potential conflicts of interest, and create a governance structure the market can trust.
Bithumb is working to maintain its own financial stability and responding to market volatility by diversifying business lines and building up more liquid assets. The company is making disclosure a priority. Its says it gives regular updates about its financial status, key management issues, and virtual asset holdings, aiming to supply dependable, objective information.
For its IPO, Bithumb is working closely with both domestic and international securities firms as underwriters, plus a range of law and accounting firms. These groups are handling everything from corporate valuation reviews to legal risks and preparing for the preliminary listing review.
Bithumb says it also wants more direct communication with customers, investors, media, and regulators through regular updates, market response statements, and reports on investor protections efforts.
Bithumb has mapped out a phased timeline for the IPO: in 2026, it will complete internal system upgrades and the transition to K-IFRS; in 2027, it plans to apply for and wrap up the preliminary listing review; and it is aiming to complete the IPO itself in 2028. Still, the company says the schedule could shift depending on market conditions and the review process with regulators.
