Korea's Largest Bitcoin Exchange Sells Stake in $350 Million Deal

Bithumb, the largest crypto exchange in South Korea by trading volume, just confirmed it has sold over 38 percent of its shares for $350 million.

AccessTimeIconOct 12, 2018 at 3:23 a.m. UTC
Updated Sep 13, 2021 at 8:28 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Bithumb, currently the largest cryptocurrency exchange in South Korea by trading volume, just confirmed it has sold more than 38 percent of its total ownership to a blockchain consortium based in Singapore, for 400 billion won, or $350 million.

As reported by CoinDesk Korea, Bithumb confirmed the deal was signed on Oct. 11 with BK Global Consortium, a blockchain investment firm formed by BK Global, a plastic surgery medical group in Singapore.

BTC Holdings Company, which currently owns 76 percent of Bithumb's equity, has agreed to sell 50 percent + 1 shares of that 76 percent ownership to BK Group – a move that would make the latter the biggest controller of Bithumb when the transaction is complete.

The report added that the acquisition deal valued Bithumb at more than 1 trillion won, or around $880 million. Subsequently, Kim Byung Gun, a plastic surgeon and also the chairman of BK Group, will be the largest shareholder of Bithumb.

Based on the report, Kim is also an early cryptocurrency investor, who founded an initial coin offering (ICO) consulting firm and ICO platform in Singapore last August.

The news comes just months after several of Bithumb's shareholders revealed the crypto exchange's financial numbers, showing it made net profits of about $35 million in the first half of this year, despite a rough June for the firm after a $40 million hack.

Following a rough Q3 as the firm suspended new account openings due to a bank contract issue – which led to a significant drop in trading volume – Bithumb has seen $1.1 billion in activity over the last 24 hours, based on data from CoinMarketCap.

Bithumb image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.