South Korean financial heavyweight Kiwoom Securities is reportedly in talks to acquire a stake in Bithumb, the nation’s second-largest cryptocurrency exchange. According to a local media report by ChosunBiz on Monday, the two entities are currently negotiating a deal structured around a third-party allocation of new shares, which would see Bithumb issue fresh equity for Kiwoom to purchase. Specific details regarding the total investment size and the exact percentage of the stake remain under negotiation.
In response to inquiries regarding the potential deal, a Bithumb spokesperson stated that no specific matters have been reviewed or decided yet. The spokesperson noted that the exchange is currently discussing various partnership opportunities with a range of financial institutions and companies. Kiwoom Securities has not yet issued an official comment on the matter, The Block said in a report.
This potential acquisition is part of a broader trend of major South Korean financial institutions moving to secure stakes in digital asset platforms ahead of shifting local regulations. Just last month, Hana Bank, one of the country’s top four banking institutions, disclosed plans for a $670 million stake acquisition in Dunamu, the operator of the Upbit cryptocurrency exchange. Following that announcement, local media reported in May that three Samsung subsidiaries would acquire approximately $407.7 million worth of Dunamu shares, securing a combined 4% stake in the firm.
International digital asset platforms are also aggressively pursuing entry into the South Korean market. In May, OKX Ventures, the investment arm of the global crypto exchange OKX, announced it would purchase a 19.6% stake in Coinone. Additionally, global giant Binance recently finalized its acquisition of the Gopax exchange following years of regulatory delays.
This wave of institutional investment comes as South Korea continues to develop the Digital Asset Basic Act, a comprehensive regulatory framework for cryptocurrencies. While the legislation faced stagnation due to a lack of formal discussion earlier this year, Korean legislators are reportedly looking to advance the bill in the second half of the year. Current regulatory discussions suggest the upcoming legislation may cap the maximum stake a single shareholder can hold in a cryptocurrency exchange at a baseline of 20%, though up to 34% could be permitted under special circumstances.
Amid these regulatory and ownership shifts, Bithumb is actively preparing for an upcoming initial public offering (IPO). The exchange has already signed an IPO advisory agreement with Samjong KPMG that extends through the end of 2027. Bithumb Chief Financial Officer Jeong Sang-gyun previously confirmed in April that the company’s public debut is projected to take place in 2028.
