It has been confirmed that Kiwoom Securities is seeking to acquire equity in Bithumb, Korea's No. 2 virtual asset exchange. Following Samsung, Mirae Asset, and Korea Investment & Securities Co., another major securities firm is jumping into the race to secure stakes in virtual asset exchanges.
On the 29th, according to the investment banking (IB) and virtual asset industries, Kiwoom Securities and Bithumb are discussing a third-party allotment of new shares. If Bithumb issues new shares, Kiwoom Securities would acquire them. The exact acquisition equity ratio and investment size are being coordinated.
Securities firms are trying to enter the virtual asset industry ahead of the institutionalization of security token offerings (STOs) and stablecoins. Securities companies have greater incentives to broaden their touchpoints with exchanges to expand digital asset businesses, while exchanges benefit from securing the capital and internal control capabilities of traditional financial firms.
There is also analysis that the major shareholder equity regulations in the second phase of the virtual asset law may have had an impact. The Financial Services Commission is discussing a plan that, in principle, caps the equity of major shareholders in virtual asset exchanges at 20%, while allowing up to 34% under exceptions. Bithumb's largest shareholder is Bithumb Holdings, which holds 73.56% equity, and if the regulations materialize, it would have to shed more than 50 percentage points (p).
Bithumb has long been cited for its opaque governance as a chronic weakness. With founder Lee Jeong-hoon's side becoming the largest shareholder of Bithumb Holdings through DAA, much of the management control dispute with Vidente and the real-owner controversy has been sorted out.
The variable is Vidente. Facing potential delisting over embezzlement and breach of trust, Vidente has been pushing to sell its Bithumb Holdings equity, and if an external strategic investor such as a securities firm acquires new shares, the influence of Vidente's remaining stake will shrink further.
Bithumb has been pursuing a KOSDAQ listing with Samsung Securities as the lead manager. The plan is to boost corporate value through a spin-off that separates the exchange's core business (Bithumb) from the new business and holding segments (Bithumb A). For this reason, whether Kiwoom Securities' third-party allotment is a pre-IPO before the listing, and how it aligns with the listing timeline, is expected to be the key issue in the transaction structure.
A Bithumb official said, "We are discussing partnerships with the financial sector and several corporations across various possibilities, but nothing has been specifically reviewed or decided yet."