Kiwoom Securities is negotiating a stake in Bithumb, South Korea's second-largest cryptocurrency exchange, as the nation's financial sector moves deeper into digital assets. The potential deal, structured as a third-party share allocation, would provide Bithumb with new capital and make the brokerage a shareholder.
The discussions coincide with South Korea's push to institutionalize security token offerings and stablecoins. Securities firms are seeking closer ties with crypto exchanges to access tokenized securities and blockchain-based financial products.
Regulatory proposals are also driving changes. The Financial Services Commission is considering a rule that would generally limit major shareholders in crypto exchanges to a 20% ownership stake, with an exception allowing up to 34%. Bithumb Holdings currently owns 73.56% of the exchange and would be forced to reduce its position significantly.
Bithumb is planning for the future, targeting a public listing in 2028 and securing an IPO advisory agreement with Samjong KPMG.