Kiwoom negotiates strategic Bithumb stake ahead of planned 2028 public listing. Institutional investors expand cryptocurrency exchange holdings across South Korea’s financial sector. Proposed
Kiwoom Securities is pursuing a potential stake in Bithumb as South Korea’s crypto exchange sector continues attracting major institutional investors. The reported discussions come while Bithumb advances preparations for its planned initial public offering in 2028.
According to ChosunBiz, Kiwoom Securities and Bithumb are negotiating a third-party allocation of newly issued shares. Under the proposed arrangement, Bithumb would issue new shares that Kiwoom would purchase as part of a strategic investment. Both companies are still discussing key terms of the deal. As a result, the investment size and ownership percentage remain undecided.
Bithumb has not confirmed that an agreement has been reached. A company spokesperson told The Block that no specific matter has been reviewed or finalized. However, the exchange acknowledged ongoing discussions with several financial institutions and companies regarding potential partnerships.
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The reported investment talks come as Bithumb continues laying the groundwork for its public listing. Earlier this year, the exchange signed an IPO advisory agreement with Samjong KPMG that runs through the end of 2027. Additionally, Bithumb Chief Financial Officer Jeong Sang-gyun confirmed in April that the company is targeting an initial public offering in 2028. A strategic investment from Kiwoom could therefore strengthen the exchange ahead of its planned market debut.
The negotiations also reflect a broader trend in South Korea’s financial sector. Traditional financial institutions have increasingly sought ownership stakes in cryptocurrency businesses as regulatory clarity gradually improves. Hana Bank recently announced plans to acquire a $670 million stake in Dunamu, the operator of Upbit. Moreover, three Samsung subsidiaries reportedly agreed to purchase approximately $407.7 million worth of Dunamu shares, giving them a combined 4% stake.
International crypto firms have also expanded their presence in the country. OKX Ventures disclosed plans to acquire a 19.6% stake in Coinone during May. Binance has also completed its acquisition of Gopax after overcoming years of regulatory delays.
South Korean lawmakers continue working on the Digital Asset Basic Act, which aims to establish a comprehensive regulatory framework for the cryptocurrency industry. Although progress slowed earlier this year, legislators are expected to resume discussions during the second half of the year.
One proposal under review would cap a single shareholder’s ownership in a cryptocurrency exchange at 20%. Nevertheless, regulators may permit ownership of up to 34% under specific circumstances.
Kiwoom’s reported interest in Bithumb highlights growing confidence from traditional financial institutions in South Korea’s digital asset sector. If completed, the investment would further support Bithumb’s IPO ambitions while reflecting the country’s evolving cryptocurrency market and regulatory landscape.
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The post South Korea Sees Kiwoom Pursue Bithumb Stake Ahead of Planned 2028 IPO Push appeared first on 36Crypto.
