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Bithumb Acquisition: Major Shareholder Denies $460M Sale

Bithumb Acquisition Major Shareholder Denies $460M Sale
  • Bithumb major shareholder Vidente denied claims that they have already agreed to partner with Nexon for Bithumb acquisition.
  • Vidente published a regulatory filing one day after local news outlets reported that Nexon will take over Bithumb for 500 billion won (around $460 million).
  • While Chairman Lee owns 40.7% stake in Bithumb Holdings, his stake is in two separate entities. This makes Vidente the majority stakeholder at 34.2%.

Amid reports that Nexon Korea will acquire Bithumb exchange, another report says that it is not the case. In fact, Bithumb Korea major shareholder Vidente denied reports that it was in talks with Nexon for the takeover.

According to a report by The Korea Times, Vidente debunked the rumors through a regulatory filing last December 8. This was a response to news published by local news outlets one day before. According to the reports, Nexon agreed to pay 500 billion won (about $460 million) for the Bithumb acquisition.

Investors believed the reports since Nexon previously acquired a 65.19% stake in Korbit and 80% in Bitstamp.

In the regulatory filing, Vidente admitted that they are “aware” that Bithumb Chairman Lee Jung-hoon is selling his shares.

However, Vidente clarified,

We have yet to decide whether to sell our stake in Bithumb Holdings or to acquire an additional stake.

To clarify, Lee has a 40.7% stake in Bithumb Holdings, while Vidente owns 34.2%. However, Lee’s stake is divided into two entities, namely DAA and BTHMB Holdings. Technically, this makes Vidente the largest shareholder of Bithumb Holdings.

As suggested in the article, Lee may be rushing to sell the exchange due to Bithumb raids last year. That is why he was said to be rushing to sell Bithumb.

Jesus is the Senior Editor of CoinQuora. He's been following the crypto space since 2016, and may possibly do so indefinitely. He covers various blockchain-based developments and crypto market trends.