This article was displayed on the ChosunBiz MoneyMove (MM) site at 6:23 p.m. on Jul. 30, 2026.
The management rights sale of KOSDAQ-listed Bucket Studio(066410), the No. 2 shareholder of virtual asset exchange Bithumb, is being pushed again. A U.S. mortgage loan specialist has emerged as the new bidder and has been selected as the preferred negotiating partner.
According to the investment banking (IB) industry on the 30th, Bucket Studio's sale manager Samjong KPMG recently signed a memorandum of understanding (MOU) with U.S. mortgage loan financial firm NMSI for the sale of management rights. It has been about three months since the contract with WabiSabi Holdings, the preferred negotiating partner in Apr., was terminated.
Bucket Studio had its stock trading suspended and received a delisting decision from the Korea Exchange (KRX) in 2023 over embezzlement and breach of trust allegations involving former management. However, as the court accepted the company's request for an injunction to suspend the effectiveness of the delisting, the exchange's reexamination has been underway.
Afterward, to prevent delisting, the company submitted an improvement plan, including a change of the largest shareholder, and has been actively pursuing a sale of management rights since last year. The current largest shareholder is "Initial No. 1 Investment Association," and the largest shareholder of Initial No. 1 Investment Association is Initial Co., Ltd. Initial Co., Ltd. is a private company wholly owned by Bucket Studio CEO Kang Ji-yeon.
Contrary to market interest, the sale of Bucket Studio's management rights has faced difficulties. In Oct. last year, LKS Partners was selected as the preferred negotiating partner, but the status suddenly shifted to the SwitchOne consortium. It is known this was because LKS Partners failed to raise approximately 240 billion won in acquisition funds.
The SwitchOne consortium sought to acquire Bucket Studio through the special purpose company (SPC) WabiSabi Holdings, but the stock purchase agreement was terminated in Apr. after it similarly failed to pay the interim payment.
After that, Bucket Studio ended the open sale process and relaunched the sale of management rights through a private contract, and NMSI emerged as the new bidder. NMSI is expected to proceed with follow-up procedures, including due diligence on Bucket Studio.
In the industry, there is a view that if the sale does not go through again this time, it will be virtually impossible for Bucket Studio to maintain its listing. The KOSDAQ Market Committee of the exchange decided once again to delist Bucket Studio after a reexamination on the 8th. On the other hand, if this sale proceeds smoothly, the likelihood of maintaining the listing and resuming stock trading increases.
Some in the industry say that regardless of delisting, the potential value of Bithumb equity indirectly held by Bucket Studio alone makes the acquisition attractive enough. Bucket Studio is the largest shareholder of INBIOGEN, and INBIOGEN is the largest shareholder of Vidente, which holds 30% of Bithumb Holdings. Acquiring Bucket Studio would, through this ownership structure, provide the effect of indirectly investing in the value of Bithumb equity.
Bithumb plans to prepare for listing by overhauling accounting policies and strengthening internal controls through next year, and to pursue an initial public offering (IPO) after 2028. Considering the potential for an increase in Bithumb's corporate value and an expansion in equity value following a listing, the market views the asset as sufficiently valuable as a sale item regardless of whether Bucket Studio itself maintains its listing.