Kiwoom Securities Eyes Stake in Bithumb
South Korean financial leader Kiwoom Securities plans to invest in Bithumb. Bithumb is the country’s second-largest cryptocurrency exchange. Currently, the two companies are negotiating a third-party share allocation. This means Bithumb will issue new shares specifically for Kiwoom to purchase. The exact investment amount and stake percentage remain under negotiation.
Growing Interest in Korean Crypto Exchanges
This potential deal highlights a broader trend in South Korea. Traditional financial institutions are quickly buying stakes in local crypto companies. Recently, Hana Bank invested $670 million into Dunamu, the operator of the Upbit exchange. Similarly, three Samsung subsidiaries purchased a combined 4% stake in Dunamu for about $407.7 million. Global platforms are also joining the rush. OKX Ventures bought a 19.6% stake in Coinone, while Binance fully acquired the Gopax exchange.
South Korea's Upcoming Crypto Regulations
These investments arrive alongside major regulatory shifts in the country. South Korea is actively developing the Digital Asset Basic Act. Lawmakers aim to advance this comprehensive crypto framework later this year. Once passed, the new legislation could heavily impact exchange ownership. Current discussions suggest capping single shareholder ownership at 20%. However, this limit could expand to 34% under special circumstances.
Bithumb Prepares for 2028 IPO
Meanwhile, Bithumb is focusing on its long-term corporate goals. The crypto exchange is actively preparing for an Initial Public Offering (IPO). To ensure a smooth process, Bithumb signed an IPO advisory agreement with Samjong KPMG. This partnership will run through the end of 2027. According to Bithumb’s Chief Financial Officer, the official IPO will likely take place in 2028.
