[비즈한국] KOSDAQ-listed Bucket Studio is once again accelerating the sale of its management rights. This follows the payment of a 30 billion KRW deposit by the prospective buyer, the US-based financial firm NMSI, and the execution of a stock collateral agreement covering the entire stake held by the existing largest shareholder. With Bucket Studio having faced the threat of delisting after a failed sale in April, attention is focused on whether NMSI, as a sole acquirer, will successfully become the company's new owner following the deposit payment.
On the 8th, Bucket Studio announced that the prospective buyer, NMSI, Inc. (National Mortgage Service Incorporated), had paid a 30 billion KRW deposit for the share purchase agreement. On July 28, Bucket Studio signed an MOU with NMSI regarding the sale of the largest shareholder's stake and management rights. Following due diligence and an eligibility review of the acquirer, the two parties signed a share purchase agreement involving a change in the largest shareholder on October 2.
According to the contract, the acquisition cost for NMSI to take over Bucket Studio is approximately 100.1 billion KRW. NMSI will secure a total of 32.77%, combining the entire 32.75% stake held by the largest shareholder, Initial No. 1 Investment Association, and the 0.02% stake held by CEO Kang Ji-yeon. NMSI plans to pay 20 billion KRW in intermediate payments by December 31, and the remaining balance of approximately 50.1 billion KRW by February 10, 2027. The scheduled date for the change in the largest shareholder is set for January 14, 2027.
On the 8th, the two parties also signed a stock collateral agreement accompanying the change in the largest shareholder. The agreement involves providing the entire 32.75% stake (45,348,357 common shares) held by Initial No. 1 Investment Association as collateral to NMSI, with the purpose of guaranteeing the repayment of the deposit and intermediate payments. Accordingly, if the deal falls through and NMSI cannot recover the 50 billion KRW paid in deposit and intermediate payments, NMSI may exercise its rights to the collateralized shares.
Bucket Studio, along with its affiliate Vidente, had been pushing for the sale of its shares and management rights but had struggled to find a new owner. In December 2025, a consortium led by the foreign exchange fintech company SwitchOne established a special purpose company (SPC), "Wabisabi Holdings," and joined the acquisition race; however, Wabisabi Holdings failed to secure the necessary funds despite several extensions. Ultimately, the stock purchase agreement between the two sides was terminated on April 20 of this year. It is reported that Wabisabi Holdings subsequently filed an injunction against Initial No. 1 Investment Association and others, seeking recognition of its status as a stock buyer.
The backdrop to the share sales of Bucket Studio and Vidente is the threat of delisting. Trading of the two companies was suspended on the KOSDAQ market in March 2023 when embezzlement and breach of trust allegations surfaced against Kang Jong-hyun, the older brother of CEO Kang Ji-yeon and the alleged real owner of Bithumb. The governance structure of these companies involves a circular shareholding structure: Initial No. 1 Investment Association → Bucket Studio → Inbiogen → Vidente → Bithumb Holdings, with Vidente also holding a 4.23% stake in Bucket Studio. As of the first half of 2026, Vidente holds a 30.0% stake in Bithumb Holdings, a 10.2% stake in Bithumb, and a 10.2% stake in Bithumb Asset.
Bucket Studio and Vidente were granted improvement periods by the Korea Exchange during the substantive review of listing eligibility, conditional on improvements to corporate governance and securing management transparency. However, after the failure of the share sale via Wabisabi Holdings left them at risk of delisting, they pushed for a re-sale and secured improvement periods until December 22 for Vidente and December 24 for Bucket Studio. Having rushed into the re-sale, Bucket Studio changed its share sale method from a public bid to a private contract to find a buyer. While the previous contract with Wabisabi Holdings involved selling a 37% stake for approximately 240 billion KRW, this NMSI contract is structured to sell a 32.77% stake for approximately 100.1 billion KRW.
In this context, market attention has turned to NMSI appearing as the new acquirer for Bucket Studio. In particular, unlike Wabisabi Holdings, which formed a consortium to secure funds, NMSI has attracted attention for stepping forward as a single acquirer that uses its own funds without gathering external investors.
NMSI is a financial company headquartered in California, USA, specializing in mortgage loans. It was founded in December 2008 by CEO Chung Jae-woong, a 1.5-generation Korean-American. Mortgage lenders play a role in lending funds directly to consumers through various methods and distributing loan receivables to the secondary market. According to company information, it has acquired mortgage licenses and operates in 26 US states, and manages eight offices including a branch in Korea.
According to regulatory filings, NMSI recorded 185 billion KRW in revenue and 29.8 billion KRW in net profit as of the end of 2025. While the acquisition cost for Bucket Studio is not small, amounting to half of its annual revenue, the acquisition does not appear to be an unreasonable attempt, as NMSI is profitable in its core business and the acquisition cost represents only about 11% of the company's equity.
A Bucket Studio official stated, "As we significantly lowered the sale price, we placed importance on financial strength during the buyer's eligibility review process. If the buyer is a consortium, there are many conflicting interests and the review process is complex. However, since NMSI is entering with its own funds, we believe the transaction is highly likely to be completed."
Meanwhile, it is unclear whether NMSI will conduct virtual asset business in Korea through the acquisition of Bucket Studio. The aforementioned official said, "I understand that the acquisition is not for the financial industry or virtual asset business," adding, "It appears they will review new businesses that can strengthen existing operations and create synergy effects after the acquisition." BizHankook sent a questionnaire to NMSI asking about the purpose of the acquisition and future plans, but did not receive a response.