South Korean brokerage Kiwoom Securities entered early-stage talks to acquire a stake in Bithumb, one of South Korea's largest crypto exchanges, according to local media reports on 29 Jun.
Kiwoom Targets Bithumb in South Korea's Broker-Exchange Race
29 June 2026 - 08:32 CEST
By Oihyun Kim
The two firms are discussing a third-party allotment of newly issued shares, under which Bithumb would issue new equity and Kiwoom would subscribe, Chosun Biz first reported. The precise stake size and transaction value remain under negotiation, according to the report.
Kiwoom declined to confirm the discussions. Bithumb said it is exploring partnership possibilities with various financial and corporate entities, but that "nothing has been specifically reviewed or decided."
Listing, ownership hurdles
Bithumb Holdings currently holds a 73.56% stake in the exchange, according to regulatory filings. South Korea's Financial Services Commission is considering capping major shareholders in crypto exchanges at 20%, with exceptions up to 34%, as part of a second phase of virtual asset legislation, a rule that would force Bithumb Holdings to shed more than 50 percentage points.
Co-investor Bident, which faces a potential delisting over embezzlement allegations, according to filings by the country's main stock market operator Korea Exchange, has also been looking to offload its Bithumb Holdings stake, and a Kiwoom equity injection would further dilute its residual influence.
Bithumb is separately pursuing a Kosdaq listing with Samsung Securities as lead underwriter.
Sector-wide scramble
The talks reflect a broader race among South Korean brokerages to secure crypto exchange stakes ahead of tokenized securities and stablecoin legislation expected from 2027.
Korea Investment Securities recently took a roughly 20% stake in Coinone, Samsung Securities joined a consortium acquiring 4.0% of Upbit operator Dunamu, and Mirae Asset Consulting agreed to acquire 92.06% of Korbit for 133.5bn won ($87mn).
Upbit, Bithumb, Coinone, Korbit and GOPAX are the five exchanges licensed to offer won-denominated trading in South Korea; by 24-hour volume, Upbit accounts for roughly 70% of the group and Bithumb around 27%, according to CoinGecko data.
