Bithumb IPO Delayed Again After $43 Billion Bitcoin Misallocation

Digital asset exchange Bithumb's initial public offering timeline faces likely delays following a 60 trillion won ($43 billion) bitcoin misallocation incident. The company had targeted a first-half 2025 listing but the accident has raised concerns about business stability and internal control risks, making regulatory approval difficult to obtain.

According to investment banking sources on March 3, Bithumb has not yet filed a preliminary listing review application with the Korea Exchange. Lead underwriter Samsung Securities has also not commenced due diligence for the IPO. Companies seeking to list must first undergo financial, tax, and legal due diligence by underwriters to confirm listing eligibility. The IPO structure, including target price range and existing shareholder sales volume, is also determined during this phase. After passing the exchange's preliminary review, companies must submit securities filings, conduct institutional investor book-building, and complete public subscriptions—a process typically taking about six months.

Bithumb had been preparing for a first-half listing this year. Last year, the company executed a spin-off as a core IPO strategy, separating into two entities. The surviving entity Bithumb would focus on core operations including digital asset exchange services, while newly established Bithumb A would handle holding company operations and investment businesses including real estate leasing. The strategy aimed to clarify business structure while enhancing management expertise and efficiency to achieve higher market valuations.

However, the massive digital asset misallocation incident in early March has made IPO pursuit difficult for the foreseeable future. On March 7, Bithumb accidentally transferred 620,000 bitcoin instead of 620,000 won to 249 customers during a marketing event. Given bitcoin's price of approximately 98 million won at the time, the misallocation totaled 60.76 trillion won. Industry observers point to a critical issue: 620,000 bitcoin—exceeding Bithumb's actual holdings of approximately 50,000—were recognized and distributed as if they were legitimate assets. This sparked controversy over so-called "ghost coins," referring to assets traded on exchanges without actual backing.

The Korea Exchange has recently intensified scrutiny of management stability and investor protection measures for cases involving significant public concern. An investment banking industry source said, "Given the large-scale incident shaking confidence in management and operations, pursuing an IPO will not be easy for some time. Even if they file for preliminary review, the chances of passing the Korea Exchange's examination are not high."