[비즈한국] The market is closely watching the share sale of Bucket Studio066410, a company that counts Vidente121800—a shareholder of Bithumb Holdings—as its second-tier subsidiary. Bucket Studio, a KOSDAQ-listed firm, is currently pushing for a change in its largest shareholder following a review of its eligibility for continued listing. However, as it was revealed that the consortium formed to acquire Bucket Studio is led by a fintech startup and a special purpose company (SPC) for medical business, questions regarding the acquisition's purpose and financial capacity are mounting.
On January 15, Bucket Studio announced that Wabi Sabi Holdings, the planned acquirer, had completed the payment of the second installment of 14 billion won. This stock purchase agreement involves Wabi Sabi Holdings acquiring a 37% stake in Bucket Studio from Initial Investment Association No. 1 (32.75%), Vidente (4.23%), and Bucket Studio CEO Kang Ji-yeon (0.02%), totaling 240 billion won. The first deposit of 10 billion won was paid on December 24, 2025, and the remaining balance of approximately 216 billion won is scheduled for payment on February 27.
KOSDAQ-listed Bucket Studio has been pursuing the sale of its management rights as it faced the threat of delisting due to governance risks. Bucket Studio submitted a management improvement plan to the Korea Exchange in May 2025, which included: improving financial structure through capital increases by the new largest shareholder, resolving cross-shareholding structures between affiliates through the sale, and protecting existing investors by requiring the new acquirer to pledge a lock-up agreement.
As a result, Bucket Studio disclosed on December 16, 2025, that the preferred bidder for the acquisition had changed from LKS Partners to a consortium led by the foreign exchange fintech startup, SwitchOne. The SwitchOne consortium established a special purpose company named 'Wabi Sabi Holdings' and used it to sign a stock purchase agreement with Bucket Studio on December 24.
The sale of Bucket Studio is attracting market attention because it is connected to the stakes of the holding company of Bithumb, the second-largest cryptocurrency exchange in Korea. The governance structure of Bucket Studio follows the chain of 'Initial Investment Association → Bucket Studio → Inbiogen101140 → Vidente → Bithumb Holdings,' with Vidente holding a 30.0% stake in Bithumb Holdings. Previously, there was a circular shareholding structure where Vidente held a 4.23% stake in Bucket Studio, but this sale will terminate that cross-holding.
Consequently, there is high industry interest in the acquisition entities. Doubts are also emerging regarding the financial strength and purpose of SwitchOne, a startup established in 2021. Bucket Studio is a media company involved in text messaging services, and Vidente is a broadcast equipment manufacturer; neither has significant business overlap with the foreign exchange fintech firm, SwitchOne.
A Bucket Studio official stated, "Since neither the seller nor the company is directly participating in the transaction but are going through an arranger, it is difficult to grasp the buyer's financial capabilities," adding, "We understand that SwitchOne has grown rapidly and turned a profit in 2025. Business synergies should also consider the fields of the remaining strategic investors (SI). Vidente also engages in early settlement businesses, so it is not entirely disconnected from fintech."
The SPC established by the SwitchOne consortium is also under scrutiny. The largest investor holding a 77.78% stake in Wabi Sabi Holdings is 'Korea Heat,' another SPC established to build a medical center. Korea Heat was founded with the goal of the Heavy Ion Therapy Support Center Korea constructing a heavy ion therapy center in Sejong City. Heavy ion therapy is a type of radiation therapy using carbon particles that can remove cancer cells precisely with minimal pain, often referred to as the 'dream cancer treatment.'
In its company introduction on its website, Korea Heat explains, "It was established to successfully complete the first private-led Sejong Heavy Ion Therapy Center construction project in Korea," and adds, "It is conducted through a joint cooperation between Hanyang University Medical Center, the Heavy Ion Therapy Support Center Korea, and Sejong City, with Korea Heat at the center. We pride ourselves on the nature and scale of this project, which involves a total budget of 500 billion won, characteristic of a national project."
It is also noteworthy that Kim Ki-hwan, former CEO of KB Insurance who served as Chief Financial Officer (CFO) of KB Financial Group, was listed as Vice Chairman of Korea Heat. According to Korea Heat, Kim has since resigned from his position as Vice Chairman.
The status of the construction of the heavy ion therapy center remains shrouded in fog. In December 2023, Sejong City signed a Memorandum of Cooperation (MOC) for the establishment of the heavy ion accelerator cancer treatment center with Korea Heat, the Heavy Ion Therapy Support Center Korea, Metheus Asset Management, Hanyang University, and Toshiba ESS. The construction of the Sejong Heavy Ion Therapy Center was a common campaign promise of both Sejong Mayor Choi Min-ho and former President Yoon Suk-yeol.
At the time of the MOC, the target opening date for the therapy center was 2028, but it has been confirmed that a site has not yet been decided. The site designated by Korea Heat as the planned location was within the Public Facility Complex currently under construction in Geumam-ri, Janggun-myeon, Sejong City. According to the Sejong Urban Transportation Corporation, the Public Facility Complex began sequential land sales for some zones starting in October 2025, but the heavy ion therapy center did not participate in the bidding.
A Sejong City official explained, "The heavy ion therapy center is being conducted as a private investment project, and the city has been providing administrative support," adding, "We are waiting for the submission of a plan as specific business details have not been finalized. The company viewed the Public Facility Complex positively as a site for the center, but nothing has been confirmed."
Regarding questions about the reason for Wabi Sabi Holdings' investment and the progress of the Sejong heavy ion therapy center project, Korea Heat responded, "We have nothing to say." On the 15th, Korea Heat halted operations of its website, stating it was "under renewal."