Home News BK Global acquired a 38% stake in Bithumb crypto exchange

BK Global acquired a 38% stake in Bithumb crypto exchange

South Korea’s largest cryptocurrency exchange Bithumb confirmed it has sold a 38% stake of its total ownership to Singapore-based BK Global plastic surgery consortium for 400 billion won (about $350 million).The deal was closed on October 11.

BTC Holdings Company, which currently owns 76 percent of Bithumb’s equity, has agreed to sell 50 percent + 1 shares of that 76 percent ownership to BK Group – a move that would make the latter the biggest controller of Bithumb when the transaction is complete.

According to the report on the matter published by Bithumb, the exchange was valued at around $880 million in the run-up to the deal.

Despite having fallen victim to a $30 million hack in June, Bithumb managed to generate $35 million net profit by the end of Q2 2018.

Back in July, the exchange has also announced its plans for opening new offices in Thailand and Japan.