Key TakeawaysBithumb, South Korea’s second-largest crypto exchange, unveiled a three-phase IPO roadmap this month, aiming to complete the listing by 2028. Phase two runs through 2027, when Bithumb plans to file for a preliminary listing review and undergo regulatory examination. Crypto exchange market share data and broader Crypto exchange volume statistics frame where Bithumb sits before its planned listing. Bithumb’s notice lays out three phases: internal-control and accounting prep in 2026, a preliminary listing review and regulatory examination in 2027, and a completed offering in 2028. The K-IFRS transition, the Bithumb Asset spin-off, and the external-adviser buildout are the concrete, checkable steps a preliminary listing review will actually test, not just messaging.