South Korea’s Kiwoom Securities is reportedly in early negotiations to buy a stake in Bithumb through a private placement of new shares, adding a major brokerage to the list of traditional financial (TradFi) firms moving into domestic crypto infrastructure.
Key Takeaways:
Kiwoom Securities opened stake talks with Bithumb via private placement; no terms set as of June 29, 2026.Bithumb Holdings’ 73.56% stake must shrink under Korea’s Digital Asset Basic Act, which caps owners at 34%.South Korea’s FSC releases tokenized securities rules in July 2026, pushing brokers to lock in crypto stakes.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 NowBased 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 ProblemPending 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 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. What Comes NextNegotiations are preliminary and could shift quickly depending on FSC announcements in July and how Bithumb’s listing timeline develops.
