Kiwoom Securities Eyes Stake in Bithumb as South Korea’s Finance Giants Chase Crypto

TLDR

• Kiwoom Securities is in talks to acquire a stake in Bithumb, South Korea’s second-largest crypto exchange, via a new share issuance.
• No deal size or stake percentage has been confirmed yet; both sides say discussions are ongoing.
• The move follows Hana Bank’s $670 million Dunamu stake and Samsung subsidiaries buying a combined 4% of the same company.
• Bithumb is planning an IPO, now pushed to 2028, after a February 2026 system glitch created 620,000 phantom Bitcoin and caused a flash crash.
• South Korea is working on a Digital Asset Basic Act that may cap single-shareholder stakes in exchanges at 20–34%.

South Korea’s traditional financial institutions are making a run at the country’s crypto exchanges. Kiwoom Securities, one of the country’s largest brokerage firms, is in talks to buy a stake in Bithumb, the nation’s second-biggest cryptocurrency exchange by trading volume.

The deal structure being discussed involves a third-party allocation of new shares. Bithumb would issue new shares, and Kiwoom would purchase them. The exact size of the investment and the stake percentage have not been agreed upon.

Bithumb confirmed it is in discussions with multiple financial institutions about potential partnerships but said no specific decisions have been made. Kiwoom has not publicly commented.

A Crowded Race for Crypto Stakes

Kiwoom is not the only traditional finance player making moves. Last month, Hana Bank, one of South Korea’s four biggest banks, said it would acquire a $670 million stake in Dunamu, the company that operates Upbit, the country’s largest crypto exchange.

Shortly after, three Samsung subsidiaries announced they would buy around $407.7 million worth of Dunamu shares, giving them a combined 4% stake.

Foreign players have also moved in. OKX Ventures announced in May it would take a 19.6% stake in Coinone. Binance completed its acquisition of Gopax exchange after years of regulatory delays.

Kiwoom has been building its digital asset presence through a consortium called KDX, which includes the Korea Exchange, Kyobo Life, and KakaoPay Securities. The group is working to develop a regulated platform for digital asset trading.

Bithumb’s Recent Troubles

Bithumb comes with some baggage. In February 2026, an internal system error caused roughly 620,000 phantom Bitcoin to be distributed across user accounts. The glitch triggered a flash crash that briefly pushed Bitcoin prices down to around $55,000.

The incident damaged Bithumb’s standing with regulators and pushed its planned IPO back. The exchange had signed an IPO advisory agreement with Samjong KPMG, but the listing is now expected no earlier than 2028.

Despite the setbacks, Bithumb has continued to pursue new opportunities. In March 2026, it signed a memorandum of understanding with SSI Digital to explore setting up a digital exchange in Vietnam.

On the regulatory front, South Korea is developing the Digital Asset Basic Act. The bill has faced delays but legislators plan to push it forward in the second half of 2026. One provision under discussion would cap a single shareholder’s stake in a crypto exchange at 20%, with exceptions allowing up to 34% under special circumstances.

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