Bithumb to Reattempt Spin-off... Strengthening Dual-track Growth Strategy for Exchange and New Business

Bithumb is set to reattempt the previously postponed spin-off. The plan is to enhance the competitiveness of the exchange business while pushing new businesses with agility and independence for faster execution.

The domestic virtual asset (cryptocurrency) exchange Bithumb announced on the 21st that it has filed a securities report for the spin-off and plans to establish a new corporation with the spin-off date set for July 31. Bithumb's spin-off was postponed once last year but is being reattempted to enhance focus and growth strategies for each business.

With this spin-off, the surviving corporation Bithumb will focus on strengthening competitiveness in existing core businesses such as exchange operations, while the new corporation will actively pursue new business ventures and investments to diversify revenue.

The shares of investment-related companies held by Bithumb will be transferred to the newly established corporation, and some shares of investment affiliates will be transferred after meeting the tax-qualified spin-off requirements. The shares of companies related to the exchange business will remain with the surviving company Bithumb.

The spin-off ratio between the surviving corporation Bithumb and the new corporation is approximately 56:44, with the spin-off date set for July 31. As it is a spin-off, shareholders will receive new shares of the new corporation in proportion to their holdings. The final decision on this spin-off will be confirmed at the extraordinary general meeting of shareholders on June 13.

A Bithumb representative stated, "We will strive to become a more trusted virtual asset exchange by pursuing the spin-off more stably than last year, while continuously investing in the IT sector and ensuring user protection and stability," adding, "By having the exchange and new business each possess independence and expertise, the company will drive both quantitative and qualitative growth."