TL;DR:
- Kiwoom Securities is negotiating an equity stake in Bithumb through a new share issuance directed at third parties.
- South Korea is preparing regulatory reforms for July, including a tokenized securities framework set to take effect in 2027.
- Samsung, Mirae Asset, Hana Financial, and Korea Investment & Securities have already acquired stakes in local exchanges in recent months.
Kiwoom Securities is in talks to acquire an equity stake in Bithumb, one of the largest cryptocurrency exchanges in South Korea by daily trading volume. According to local reports, both companies are evaluating a new share issuance directed at third parties that would allow the brokerage firm to become a shareholder of the exchange. Neither Kiwoom Securities nor Bithumb officially confirmed the terms of the negotiation or the exact ownership percentage under discussion.
This deal makes Kiwoom the latest traditional finance firm to seek direct exposure to the local crypto market. South Korea’s Financial Services Commission (FSC) is preparing a series of regulatory reforms for July. Among the planned measures is a tokenized securities framework that will enter full effect on February 4, 2027, under the amended Capital Markets Act and Electronic Securities Act. On June 25, the FSC integrated tokenized securities infrastructure into a broader review of the country’s financial system.
Kiwoom Joins the Race for Korean Exchanges
Kiwoom Securities is not alone, but rather part of an acquisition wave led by major South Korean financial firms. On May 28, Samsung Securities, Samsung SDS, and Samsung Card jointly acquired a 4% stake in Dunamu, the operator of the Upbit exchange, for $408 million.
One day later, Korea Investment & Securities and OKX Ventures jointly invested 160 billion won—equivalent to $106 million—to acquire 19.6% of Coinone. In May, Hana Financial Group announced the purchase of a 6.55% stake in Dunamu from Kakao Investment for more than $668 million, positioning itself as Upbit’s fourth-largest shareholder. In February, Mirae Asset Consulting agreed to acquire 92.06% of Korbit for $93 million.
The Bithumb case presents additional variables. The FSC is analyzing capping majority shareholders’ stakes in exchanges at 20%, with some exceptions up to 34%. Since Bithumb Holdings holds 73.56% of the exchange’s capital, any eventual regulation would force a considerable divestment.
