One of South Korea's biggest crypto exchanges is swapping the memecoin fast lane for something far more buttoned-up: a listing on the stock market.

Bithumb is targeting a 2028 IPO on Korea's KOSDAQ, with a possible Nasdaq encore later to court international investors. It's a slow burn, and the groundwork is already well underway.

Back in July 2025, Bithumb split itself in two: Bithumb Korea (the exchange that will actually list) and Bithumb A (its asset-management arm), to keep the corporate story clean for future shareholders. Since then it has been grinding through the unglamorous but necessary prep: upgrading internal controls, moving to K-IFRS accounting, and lining up Samsung Securities as underwriter.

A few asterisks, though. The 2028 date is a target, not a promise, and Bithumb already shelved an earlier 2025 attempt when markets turned choppy. No valuation has been floated yet. And to be clear, this is an equity IPO, not a token launch, so there is no "Bithumb airdrop" to hunt for.

If it lands, Bithumb would be among the first Korean crypto exchanges to ring the opening bell, a notable moment for one of the world's most active crypto markets. Watch this space.

Not financial advice. Based on reporting (The Block) and Bithumb's stated plans; the timeline is a target and may change.