[비즈한국] The search for a new owner for Bucket Studio066410, a company listed on the KOSDAQ, has hit a snag. This follows the postponement of the equity sale schedule intended for a change in the largest shareholder. Wabisabi Holdings, a special purpose vehicle (SPC) pursuing the management buyout, pushed back the payment deadline for the 200 billion won balance by one month on February 26. With Bucket Studio having received an improvement period from the Korea Exchange and needing to proceed with the sale, the company cannot afford endless delays, raising questions about whether stock trading can resume after three years.
On February 26, Bucket Studio disclosed that the balance payment date for the stock purchase agreement involving the change of the largest shareholder had been adjusted. Wabisabi Holdings, the intended acquirer, pushed the payment deadline for the 216 billion won balance from February 27 to March 31. Out of the total acquisition price of 240 billion won, Wabisabi Holdings had already paid the 24 billion won deposit in two installments on December 24, 2025, and January 15, 2026.
The main investors behind Wabisabi Holdings are SwitchOne, a foreign exchange fintech startup, and Korea Heat, an SPC aiming to establish a cancer treatment center. According to the corporate registration, the capital of SwitchOne was 684.24 million won as of January 31, 2024, and Korea Heat stood at only 117.62 million won as of December 23, 2025. These amounts are insufficient to cover an acquisition price exceeding 200 billion won, making external financing essential. The delay in the balance payment appears to stem from difficulties in securing investors. Recent media reports suggest they are attempting to raise funds by forming a fund.
Bucket Studio is also seeking financial support through third-party allotted paid-in capital increases. On December 24, 2025, the date of the first deposit payment, the Bucket Studio board of directors decided to issue 4,084,968 new shares worth 20 billion won to Wabisabi Holdings. The scheduled payment date for this capital increase was February 27, but it was changed to March 31 as the acquisition was delayed. The expected listing date for the new shares was also postponed from March 18 to April 17. The issue price per share is 4,869 won. Bucket Studio stated in its disclosure, "While the price per share assessed by an external evaluation agency was 821 won, we decided on a price with a 496% premium to prevent dilution for minority shareholders and as part of our management improvement plan."
Bucket Studio is pushing for the sale of its management rights to escape the risk of delisting. On May 8, 2025, the KOSDAQ Market Division of the Korea Exchange designated Bucket Studio as a subject for substantive review of listing eligibility due to governance issues. Bucket Studio submitted a management improvement plan in June of that year and began the process of selling its equity to change its largest shareholder.
After reviewing the plan, the Korea Exchange granted Bucket Studio an improvement period of 9 months. Consequently, the improvement period is scheduled to end on April 16 of this year. For Bucket Studio, this means the equity sale must be completed within this improvement period. Companies granted an improvement period must submit an implementation report of the improvement plan within 15 days of the end date. The Exchange then holds a Corporate Review Committee meeting within 20 days to decide whether to delist the company.
It is uncertain whether the Exchange will extend the improvement period if the purchase price is not paid on time, as financial authorities have been accelerating the exit of insolvent companies from the KOSDAQ this year. The KOSDAQ Market Division of the Korea Exchange designated the period from February to June 2026 as an intensive management period for the exit of insolvent firms and is operating an 'Intensive Delisting Management Team.' This period overlaps with Bucket Studio's review period.
On February 20, the exchange announced a plan for the rapid removal of insolvent companies from the KOSDAQ market. The Exchange stated, "We will strengthen the monitoring of implementation plans for companies under substantive review during their improvement period, and push for the early exit of companies that are unlikely to recover listing eligibility," adding, "If we determine that an improvement plan has not been implemented or that the company has lost its business continuity or viability, we will decide on delisting early, even before the improvement period expires."
Meanwhile, anxiety among minority shareholders, whose investments have been locked up for nearly three years due to the delayed sale, continues to grow. As of 2024, the proportion of shares held by minority shareholders of Bucket Studio is 67.7%. Trading of Bucket Studio stocks has been suspended since March 3, 2023, due to breach of trust and embezzlement. The stock price remains frozen at 1,153 won, the price on the day of the suspension. Even at that time, it had already fallen by 69% compared to the closing price from a year prior (3,750 won on March 3, 2022).
A Bucket Studio official stated, "The payment deadline for the balance could be pushed back further, but we are trying to avoid that as much as possible. It is difficult to keep delaying the schedule because of the improvement period," adding, "Since we are pursuing a public sale to restore the interests of minority shareholders through the resumption of trading, we intend to reduce risks by changing the largest shareholder within the timeframe required by the Exchange."
Bucket Studio's governance structure follows the path: 'Initial Investment Association → Bucket Studio → Inbiogen → Vidente → Bithumb Holdings.' Vidente holds a 30.0% stake in Bithumb Holdings. Additionally, there is a circular shareholding structure where Vidente owns 4.23% of Bucket Studio. Acquiring Bucket Studio effectively means indirectly owning a stake in the holding company of Bithumb, the second-largest virtual asset exchange in Korea.