- Bithumb redesigned its subsidiary to concentrate on investing.
- The company is planning an initial public offering in 2025.
The South Korean cryptocurrency exchange, Bithumb, has officially renamed its subsidiary, Bithumb Meta, to Bithumb Partners. This change signifies a shift in the company’s main focus from projects involving NFTs and the metaverse to investing in stocks and bonds. This strategic adjustment is part of Bithumb’s larger restructuring initiatives, which ultimately aim to take the company public via an IPO in 2025.
During its recent overhaul, the cryptocurrency exchange Bithumb has invested around 1 billion KRW, which is roughly equivalent to 680,099 USD, into a newly rebranded entity known as Bithumb Partners. This infusion brings the company’s total capital to approximately 2 million dollars. The rebranding decision was made following the departure of previous investors like LG CNS, CJ OliveNetworks, and SK Square from Bithumb Meta, after their dissatisfaction with the performance of its subsidiary in relation to NFT and metaverse projects.
Bithumb Partners and its Strategic Aims
Under this new arrangement, the management of Bithumb Partners will be taken over by Im Tae-seong, a new appointee. The focus will primarily revolve around short-term investments in stocks and bonds using internal resources, which stands in contrast to Bithumb Investment that deals with external investment. This change has been brought about due to Bithumb’s previous investments in companies like Iwin, Barunson, and T&R Biofab, listed on the KOSDAQ exchange.
Representatives from Bithumb emphasized that the restructuring aims to optimize their operations and provide a clear path for asset management. This strategic move paves the way for a potential Initial Public Offering (IPO) in the coming years, opening up future investment opportunities. The company believes organizing its finances under Bithumb Partners for the 2025 public offering is a crucial step towards this goal.
As Bithumb gears up for its initial public offering, there’s a lot of anticipation surrounding its rebranding and structural changes. These adjustments aim to position the company favorably for future expansion while also facing regulatory oversight. Consequently, investors will closely watch the transformation of Bithumb into Bithumb Partners, curious to see if this new structure will lead to improved financial performance amidst increasing competition within the global cryptocurrency market.
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2025-01-07 10:49