South Korea's Bithumb Introduces Brokerage Firm Shareholder, Kiwoom Securities Seeks Private Placement Investment

BlockBeats News, June 29th. South Korean Kiwoom Securities is currently in talks with Bithumb regarding a third-party private placement, planning to subscribe to new shares for investment. The specific shareholding ratio and investment scale are still under negotiation.

Following Samsung, Future Asset, and Korea Investment & Securities, another major brokerage firm has joined the race to acquire ownership of a cryptocurrency exchange. Against the backdrop of this investment, the South Korean financial regulatory authority is advancing the second stage reform of the Virtual Asset Act, aiming to establish a principle to limit the shareholding ratio of major shareholders in exchanges to 20%, with exceptions that may be relaxed to 34%. Bithumb's current largest shareholder, Bithumb Holdings, holds 73.56% of the shares. If the relevant regulations are implemented, they will face significant pressure to reduce their holdings.

Bithumb is currently pursuing a listing on the KOSDAQ, with Samsung Securities as the lead underwriter, and plans to enhance its valuation by splitting its core trading business from its new business segment. Whether Kiwoom Securities' private placement this time constitutes strategic financing before the listing and the coordination with the listing schedule are expected to become the core topics of the transaction structure. Bithumb has stated that it is currently exploring various possibilities for cooperation with financial institutions and corporations, and no specific plans have been confirmed yet.