Sumary of Vidente considers acquiring controlling stake in Bithumb:
- Reuters-YonhapBy Kim Yoo-chulVidente is considering acquiring a controlling stake in Bithumb, now that the country’s largest cryptocurrency operator has received an operating license from the Financial Intelligence Unit (FIU), local investment banking sources told The Korea Times, Thursday.
- “Vidente is apparently interested in totally acquiring Bithumb Holdings.
- By the first quarter of next year, Vidente will increase its cash holdings to 210 billion won.
- Its cash stockpile is set to be used for acquiring a controlling stake in Bithumb,” a senior investment banking industry official said.
- But it has shifted its position on the basis that the outlook for Bithumb’s crypto-oriented businesses remains strong and that regulatory pressures should ease further.
- Regarding the breakdown of Bithumb’s shareholders, Vidente is the top single largest shareholder in Bithumb Holdings, owning 32.44 percent.
- But the remainder of the stakes are collectively owned by former Bithumb Holdings Chairman Lee Jung-hoon.
- It’s unknown whether or not Lee is willing to liquidate his position, while Vidente is aiming to acquire at least 17 percent more of Bithumb Holdings with the aim of controlling Bithumb Korea, an affiliate of Bithumb Holdings.