Kiwoom Securities Eyes Bithumb Stake as Korea’s TradFi-Crypto Merger Picks up Speed

Chosunbiz first reported the discussions on Monday. Under the proposed structure, Bithumb would issue fresh shares directly to Kiwoom via a third-party allotment, a private placement route that bypasses open-market purchases.

No terms have been finalized. The stake percentage, investment amount, and valuation remain under negotiation, according to the report.

What Bithumb Says

A Bithumb spokesperson told Chosunbiz: “We are discussing partnerships with various possibilities in the financial sector and multiple companies, but there are no specific matters under review or decided yet.”

The statement confirms talks are active while leaving room for the deal to evolve or collapse entirely.

Why Kiwoom Is Moving Now

South Korea’s Financial Services Commission is expected to announce new crypto reforms in July, including a framework governing tokenized securities. Those rules are set to take effect inside the broader capital markets structure starting in 2027.

For Kiwoom Securities, a direct stake in Bithumb provides exposure to crypto trading infrastructure and positions the firm for new regulated products, including security token offerings and the possibility of stablecoin services.

Bithumb’s Listing Push Creates Urgency

Based on available information, Bithumb is preparing for a Kosdaq listing targeted for around 2028. Samsung Securities is serving as the lead underwriter and advisor for that process. The exchange has already begun separating its core trading business from other segments, a spin-off structure designed to improve its valuation before going public.

Bringing in a securities firm with governance credibility supports that strategy directly.

The Shareholder Cap Problem

Pending legislation under South Korea’s Digital Asset Basic Act would cap major shareholder stakes in virtual asset exchanges at 20%, with possible exceptions up to 34%. Bithumb Holdings currently holds approximately 73.56% of the exchange.

That gap means Bithumb will need to dilute its ownership significantly before the rules take effect. A strategic investment from Kiwoom would accelerate that dilution while adding an institutional partner.

Kiwoom Joins a Crowded Field

Korean financial institutions are moving fast into crypto equity positions:

• Hana Bank is pursuing a stake in Dunamu, the operator of Upbit, in a deal reported near the $670 million range.
• Samsung affiliates previously invested approximately $408 million for a 4% stake in Dunamu as well.
• OKX Ventures acquired 19.6% of Coinone, and Binance completed its acquisition of Gopax.

Kiwoom joins Samsung Securities, Mirae Asset, and Korea Investment Securities in competing for crypto infrastructure positions.

What Comes Next

The Kiwoom-Bithumb talks fit a clear pattern: Korean brokerages are locking up exchange stakes before tokenized asset and stablecoin regulations create a defined, regulated market for digital assets. First movers gain both equity upside and a seat at the table when licensing requirements crystallize.

Negotiations are preliminary and could shift quickly depending on FSC announcements in July and how Bithumb’s listing timeline develops.