According to Deep Tide TechFlow news on January 6, South Korean media reported that 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 from the personnel spin-off plan that Bithumb had planned but later canceled last March.
Bithumb insiders stated that the main consideration for choosing to reorganize the existing company rather than establish a new one is the time cost. The new company will focus on managing Bithumb's existing assets and investing in short-term financial products, with the possibility of expanding into the role of strategic investors (SI) or financial investors (FI) in the future.