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Kiwoom Securities weighs Bithumb stake as exchange pursues KOSDAQ listing

Kiwoom Securities weighs Bithumb stake as exchange pursues KOSDAQ listing

Talks over newly issued shares come as South Korean securities firms position for STO and stablecoin reforms, while Bithumb faces pressure to reshape its ownership and delays its IPO timeline.

Fact Check
The primary Chosun Biz article (Kiwoom Securities seeks Bithumb stake as South Korea pushes STO reforms) directly confirms every core element of the claim: Kiwoom negotiating a third-party allotment in Bithumb, the KOSDAQ listing pursuit, phase-two virtual asset rules reshaping shareholder structure, and Vidente's effort to sell its holdings. The BlockBeats flash corroborates and cites that same article. The claim is framed as ongoing talks, which the sources support, with a Bithumb official noting nothing is finalized—consistent with the claim's 'weighs' framing.
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Summary

Kiwoom Securities is in talks to buy a stake in Bithumb through a third-party allotment of newly issued shares, though the size of the holding and investment amount have not been finalized. The discussions come as South Korea prepares rules on security token offerings and stablecoins that could give licensed securities firms a bigger role in digital asset markets. Samsung Securities, Mirae Asset and Korea Investment & Securities are also pursuing stakes in Bithumb, while proposed Financial Services Commission rules could cap major shareholder equity in exchanges at 20%, with exceptions up to 34%. That has put focus on Bithumb Holdings’ 73.56% stake and the possibility of a significant divestment if the rule takes effect. Bithumb is also working toward a KOSDAQ listing with Samsung Securities as lead manager, but its timeline has slipped from an original 2025 target to 2027 and then to after 2028 as it works on accounting policies and internal controls. The exchange has also faced regulatory and legal scrutiny, including a 36.8 billion won fine from the FIU over AML violations, a six-month partial suspension, and an ongoing bribery investigation in which police named CEO Lee Jae-won as a suspect earlier this month.

Terms & Concepts
  • third-party allotment: A share issuance in which new stock is sold directly to selected investors rather than broadly to the market.
  • security token offerings: Fundraising or issuance of digital tokens that represent securities and are typically subject to securities regulation.
  • AML violations: Breaches of anti-money laundering rules designed to prevent illicit funds from moving through financial platforms.