This article was published on March 17, 2025, at 11:12 a.m. on the ChosunBiz MoneyMove site.
Bithumb, the second-largest virtual asset exchange in the country, is quickly catching up to the top exchange Upbit while also engaging in fierce competition in the Seoul Gangnam real estate market. They all cite 'securing office space due to business expansion' as a reason, but there is analysis suggesting that the aim is also to earn revenue from investment in the stable asset of real estate.
According to the investment banking (IB) industry on the 17th, Bithumb has decided to acquire the Gangnam N Tower on Teheran Road in Seoul through a negotiated contract. It is explained that the number of employees has surpassed 500 due to the booming virtual asset market, prompting the decision to transfer their office. Final proceedings, such as confirming the sale price, are expected to occur around April.
Bithumb has consistently shown interest in premium offices in Gangnam. In 2021, it purchased a building in Daechi-dong, Gangnam-gu, with a scale of B1 to 3F for around 140 billion won and in 2022, it fully acquired the Samsung Daese Building (formerly known as the Seyoung Building) for around 160 billion won in cash without a loan. Bithumb demolished these buildings and built the 'Bithumb Searo Center.' It is situated adjacent to Teheran Road and just a minute's walk from Samsung Station.
Bithumb has not always succeeded in purchasing buildings in Gangnam. Before the bidding for T412 (formerly the Samsung Life Insurance Daechi 2 Building) in 2023, Bithumb demonstrated a strong intent to acquire by submitting the highest bid. However, the competitor, bedding company Allergymang, was selected as the final successful bidder, leading to Bithumb's failure to acquire. Bithumb also participated in the sale of KOREIT Tower in 2024, presenting various conditions but ended up failing due to competition with Koramco Asset Management.
During this period, Dunamu also consecutively acquired buildings near Gangnam Station and Samsung Station. In 2023, Koramco REITs Management and Trust invested 200 billion won in the DF Tower (formerly A+ Asset Tower), which was purchased for 430 billion won through a REITs. In 2024, it acquired the Yeongbo and Yeongbo 2 Buildings, located 100 meters away from Samsung Station, for around 300 billion won from the related company Capstone General Real Estate Private Equity Fund No. 4. Earlier, in 2021, they had acquired land in the vicinity of Samseong-dong to promote new office development.
The buildings that Dunamu and Bithumb have purchased in the past five years total six. They are all located in business districts around Gangnam-gu, Seocho-gu, and Songpa-gu, centered on Gangnam-daero and Teheran-ro. While they all claim 'securing office space due to business expansion,' the market sees other purposes as well. Given the volatility of the virtual asset market, there was a need for stable assets. Additionally, it aims to establish new revenue models rather than relying solely on transaction fees.
An industry insider noted, 'It is no exaggeration to say that the owners of valuable buildings being observed in the Gangnam area are changing to Dunamu and Bithumb.' They added, 'Due to regulatory sanctions, Dunamu's Upbit has 'paused,' resulting in Bithumb's market share increasing to nearly 30%, and the competition for purchasing buildings in Gangnam is expected to become even more intense.'