TLDR
- Kiwoom Securities has entered negotiations to purchase equity in Bithumb through a new share allocation, targeting South Korea’s number-two cryptocurrency platform.
- Terms including investment amount and ownership percentage remain undisclosed as both parties continue deliberations.
- This follows Hana Bank’s massive $670 million investment in Dunamu and Samsung entities acquiring 4% of the Upbit operator.
- Bithumb’s IPO timeline has shifted to 2028 following a February 2026 technical failure that generated 620,000 false Bitcoin and triggered market disruption.
- Pending legislation in South Korea may limit individual shareholder ownership in crypto exchanges to 20–34%.
Traditional financial powerhouses in South Korea are accelerating their entry into the cryptocurrency sector. Kiwoom Securities, among the nation’s premier brokerage houses, has entered negotiations to acquire ownership in Bithumb, which ranks as the country’s second-largest digital currency trading platform by volume.
Kiwoom Securities Seeks Stake in Bithumb, South Korea’s No. 2 Crypto Exchange
South Korea’s Kiwoom Securities is seeking to acquire a stake in Bithumb, the country’s second-largest crypto exchange, according to Chosun Biz. The two sides are discussing a third-party allotment of… pic.twitter.com/QTiFzKbCfY
— Wu Blockchain (@WuBlockchain) June 29, 2026
The proposed transaction would utilize a third-party share allocation mechanism. Bithumb would create new equity, which Kiwoom Securities would then acquire. Neither the investment value nor the resulting ownership position has been finalized.
Bithumb acknowledged ongoing conversations with several financial entities regarding potential collaborations but emphasized that no definitive agreements have been reached. Kiwoom Securities has declined to issue public statements.
Traditional Finance’s Aggressive Crypto Push
Kiwoom Securities joins a growing roster of conventional financial institutions pursuing crypto assets. In the previous month, Hana Bank, ranked among South Korea’s top four banking institutions, revealed plans to secure a $670 million position in Dunamu, which operates Upbit, the nation’s dominant cryptocurrency exchange.
Subsequently, three Samsung affiliate companies disclosed plans to purchase approximately $407.7 million in Dunamu equity, establishing a collective 4% ownership stake.
International participants have similarly entered the market. OKX Ventures declared in May its intention to secure a 19.6% position in Coinone. Binance successfully finalized its Gopax exchange acquisition following extended regulatory review periods.
Kiwoom has been expanding its cryptocurrency footprint via KDX, a consortium partnership involving the Korea Exchange, Kyobo Life, and KakaoPay Securities. This collaborative group aims to establish a compliant infrastructure for digital asset transactions.
Bithumb’s Technical Setback and Recovery
Bithumb carries recent operational challenges. A February 2026 system malfunction resulted in approximately 620,000 counterfeit Bitcoin appearing in customer wallets. This technical failure sparked a rapid price decline that temporarily dropped Bitcoin valuations to approximately $55,000.
The mishap undermined Bithumb’s regulatory credibility and delayed its public offering plans. Although the exchange had entered into an IPO advisory arrangement with Samjong KPMG, the public debut now targets 2028 at the earliest.
Notwithstanding these challenges, Bithumb continues pursuing expansion initiatives. In March 2026, the platform established a memorandum of understanding with SSI Digital to investigate launching a digital trading venue in Vietnam.
From a regulatory perspective, South Korea continues developing the Digital Asset Basic Act. The legislation has experienced postponements, though lawmakers intend to advance it during the latter half of 2026. One contemplated provision would restrict individual shareholder stakes in cryptocurrency exchanges to 20%, with conditional allowances permitting up to 34% under particular circumstances.
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