Kiwoom Securities Pushes Bithumb Stake Investment, With Focus on Possible Pre-IPO Deal

Kiwoom Securities Co. is pursuing an investment in domestic cryptocurrency exchange Bithumb, according to a local media report.

Kiwoom Securities and Bithumb are discussing an investment through a third-party allotment of new shares, ChosunBiz reported on June 29. Under the structure, Bithumb would issue new shares and Kiwoom Securities would acquire them. The investment amount and resulting stake are still being negotiated.

The talks come as securities firms deepen ties with exchanges to expand their digital-asset businesses ahead of the formal adoption of token securities and stablecoin rules, according to industry participants. The government’s push for regulations on the shareholdings of major owners of virtual-asset service providers also appears to have affected the discussions.

Bithumb is seeking a Kosdaq listing and has selected Samsung Securities Co. as lead manager. That has drawn attention to whether the investment talks could amount to a pre-IPO deal.

A Bithumb official told ChosunBiz that the company is discussing partnerships with financial institutions and various companies across multiple possibilities, but nothing specific has been reviewed or decided.

A Kiwoom Securities official also told Bloomingbit that the company could not confirm the proposed stake acquisition.