Bithumb, a leading cryptocurrency exchange in South Korea, has restructured its former subsidiary, Bithumb Meta, into a new entity called Bithumb Partners.
The rebranding marks a significant strategic pivot for the company, shifting its focus toward investment operations and creating a streamlined internal structure.
In Q4 2024, Bithumb invested an additional 1 billion KRW (approximately 680,099 USD) into the newly formed subsidiary, raising the total capital to around 2 million dollars. Notably, previous investors in Bithumb Meta, including prominent firms, have exited due to unmet expectations in NFT and metaverse initiatives.
Bithumb Partners will be managed by Im Tae-seong, an external hire, while the internal management team will oversee key roles, including directory and audit functions. This transition also resulted in the dissolution of the original Bithumb Meta management team.
The new subsidiary will serve as a short-term investment vehicle focusing on stocks and bonds, leveraging Bithumb’s internal funds. Unlike Bithumb Investment, which engages primarily in external investments, Bithumb Partners is positioned to manage existing short-term investments and may evolve into a strategic or financial investor.
Industry experts have noted that the establishment of Bithumb Partners reflects a prior vision for creating an investment entity designed for managing investments and real estate. This new entity simplifies that original concept.
“We restructured Bithumb Meta to streamline operations and prioritize asset management, including stocks and bonds, as well as short-term financial investments. The new entity allows for a more efficient operation than starting anew,”
Bithumb spokesperson.
Bithumb’s IPO Pathway
This organizational shift aligns with Bithumb’s announcement of plans for an IPO in 2025. The formation of Bithumb Partners is likely part of a broader strategy to optimize corporate structure and financial management in preparation for the IPO.
Ultimately, the restructuring aims to enhance operational efficiency while setting the stage for Bithumb’s prospective initial public offering in the United States by 2025.
