CoinVoice has recently learned that, according to South Korean media reports, the South Korean cryptocurrency exchange Bithumb has reorganized its subsidiary Bithumb Meta into Bithumb Partners and increased its capital to 30 billion won (approximately 23 million USD). The new company will focus on short-term investment business such as stocks and convertible bonds.
This move is interpreted by the market as Bithumb preparing for an IPO. Previously, LG CNS, CJ OliveNetworks, and SK Square, which invested in Bithumb Meta, liquidated their holdings in the second half of last year. The newly established Bithumb Partners is wholly owned by Bithumb, and its business model is similar to the investment company outlined in the personnel spin-off plan that Bithumb planned but later canceled last March.
Bithumb related individuals stated that the decision to reorganize the existing company rather than establish a new one was primarily due to time costs. The new company will focus on managing Bithumb's existing assets and investing in short-term financial products, with potential future expansion into the role of strategic investors (SI) or financial investors (FI). [Original link]