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| Bithumb Korea's headquarters in Seoul / Yonhap |
By Park Jae-hyuk
Bithumb Korea is in the spotlight once again as the potential sale of the nation's leading cryptocurrency exchange operator has apparently attracted global suitors.
Morgan Stanley, Deutsche Bank and JPMorgan are among the companies that are cited as the potential buyers of Bithumb Korea. (Although Morgan Stanley has officially denied media reports that it is planning to acquire a stake in Bithumb Korea.) Visa and Naver, along with an affiliate of the Chicago Mercantile Exchange (CME), are also said to be interested in acquiring Bithumb Korea from its major shareholder, Vidente. China's Binance, which runs the world's largest cryptocurrency exchange, is another candidate to possibly join the bid.
However, it remains unclear whether they will keep vying with each other until the end of the bid.
The progress of the deal had remained sluggish throughout last year, since Bithumb Korea's largest shareholder, Bithumb Holdings, started looking for buyers for a controlling stake last August after hiring Samjong KPMG as an adviser. This delay was mainly due to multiple legal disputes involving Bithumb Holdings' board chairperson, Lee Jung-hoon, who is considered to be the de facto owner of the company.
Although Huobi was tapped as the strongest candidate last November after reportedly offering to pay 400 billion won ($353 million) for the acquisition, the foreign cryptocurrency exchange operator has not been seen since January, when Nexon founder Kim Jung-ju abruptly emerged as another potential buyer.
Kim had joined hands with Vidente to acquire the management rights of Bithumb Korea from Bithumb Holdings for about 500 billion won, according to reports. Kim signed a memorandum of understanding with the seller earlier this month, so that Nexon's holding company, NXC, could buy a 65 percent stake in the exchange operator, according to the reports.
Vidente, however, said in a regulatory filing that it has not decided whether to sell its stake in Bithumb Holdings or to acquire an additional stake. As the acquisition process has remained sluggish, there has been speculation that Nexon's Kim may have failed to take over Bithumb Korea.
The potential buyers that are currently being mentioned are reportedly trying to acquire Vidente's stake in Bithumb Korea before securing the controlling stake, by buying additional shares. However, some observers said the Bithumb Holdings' board chairperson may not give up his management control since his chances of victory in the multiple legal disputes over the company have increased.
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