[비즈한국] Rumors are circulating about Kiwoom Securities039490 acquiring a stake in Bithumb. Recently, not only Kiwoom Securities but also several other brokerage firms have shown interest in investing in virtual asset exchanges. This is interpreted as brokerage firms aiming to create synergies with virtual asset exchanges as the institutionalization of virtual assets progresses. However, some project that it will not be easy to achieve results in the short term, as the nature of the existing securities business differs from that of virtual assets.
In the financial sector, there is talk that Kiwoom Securities is pushing for the acquisition of a stake in Bithumb. Specific details have even surfaced, suggesting it would be a stake investment for synergy rather than for management rights, and that the stake would be secured through a paid-in capital increase. However, on June 29, Kiwoom Securities disclosed only that it is "in the stage of internally reviewing various plans to secure a foundation for a digital asset business" and that "nothing has been specifically decided or confirmed as of now."
Bithumb is the second-largest virtual asset exchange in Korea by market share, following Upbit. However, its recent performance has been poor. Net profit decreased by 51.79% from 161.9 billion won in 2024 to 78 billion won in 2025. In the first quarter of this year, it recorded a net loss of 86.9 billion won, turning to a deficit.
It is not just Bithumb; many virtual asset exchanges have seen poor performance recently. This is attributed to the fact that, with the revitalization of the domestic stock market, investor sentiment toward virtual assets is not what it used to be. For instance, while the price of Bitcoin once rose to 179,869,000 won in October last year, it is currently trading at the 90 million won level.
Nevertheless, brokerage firms are continuing to invest in virtual asset exchanges. Korea Investment & Securities announced in May that it would acquire a 20% stake in Coinone, and Samsung Securities016360 also disclosed in May that it would acquire a 4% stake in Dunamu along with Samsung SDS and Samsung Card. Hanwha Investment & Securities003530 announced in May that it would acquire a 3.90% stake in Dunamu, securing a total stake of 9.84%, while Mirae Asset Consulting is purchasing a 92.06% stake in Korbit.
Analysts suggest that these moves by brokerage firms are not unrelated to the institutionalization of virtual assets. With the amendments to the Act on Electronic Registration of Stocks and Bonds (Electronic Securities Act) and the Capital Markets and Financial Investment Business Act (Capital Markets Act), brokerage firms will be able to issue Security Token Offerings (STO) starting in February 2027. This means physical assets such as real estate can be issued and distributed in token form. For brokerage firms, collaboration with virtual asset exchanges has become crucial ahead of the new token securities market.
Moreover, Bithumb is pursuing an Initial Public Offering (IPO). In the unlisted stock trading market, Bithumb shares were traded at under 100,000 won per share from 2023 to 2024, but they are currently trading at over 200,000 won. If Bithumb's stock price rises after the IPO, Kiwoom Securities could also expect an increase in valuation gains. However, given that Bithumb's recent performance is on a downward trend, a rise in stock price cannot be guaranteed.
Some are voicing concerns. Above all, there is analysis that the brokerage industry might face trial and error as it is difficult to adapt to virtual asset-related businesses in the short term. As virtual assets are more volatile than stocks, adaptation to this is also necessary.
Hong Ji-yeon, a senior researcher at the Korea Capital Market Institute, analyzed in a report, "If the high volatility of the digital asset market spreads to financial companies, it could affect the stability of the financial market. In particular, stablecoins could lead to risks in the financial system depending on reserve asset management and liquidity availability." She added, "If stake investments and strategic alliances between financial companies and virtual asset exchanges expand, it could cause issues with market concentration and conflicts of interest. Furthermore, as financial companies expand the sales of virtual asset products, the importance of investor protection and information disclosure systems is expected to increase even further."