Bithumb has reorganized its subsidiary Bithumb Meta into Bithumb Partners

ChainCatcher news, according to South Korean media reports, South Korean cryptocurrency exchange Bithumb has reorganized its subsidiary Bithumb Meta into Bithumb Partners and increased its capital to 30 billion won (approximately 23 million USD). The new company will focus on short-term investment businesses such as stocks and convertible bonds.

This move is interpreted by the market as Bithumb preparing for an IPO. Previously, investors in Bithumb Meta, including LG CNS, CJ OliveNetworks, and SK Square, had liquidated their holdings in the second half of last year. The newly established Bithumb Partners is wholly owned by Bithumb, and its business model is similar to the investment company that Bithumb planned but later canceled in a personnel spin-off scheme last March.

A Bithumb-related person stated that the decision to reorganize the existing company rather than establish a new one was mainly due to considerations of time costs. The new company will focus on managing Bithumb's existing assets and investing in short-term financial products, with potential future expansion into roles as strategic investors (SI) or financial investors (FI).