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According to a recent report, South Korean crypto exchange Bithumb Korea announced on Friday that it will split off its investment and property holdings into a new entity called Bithumb Investment.
The current Bithumb Korea business will now focus solely on operating its core crypto trading platform to provide more clear and reliable trading services to customers. A newly created firm tentatively called Bithumb Investment will take over management of the company’s various investments, asset holdings, and real estate leasing activities.
After the split, Bithumb Korea will maintain a 60% ownership stake in Bithumb Investment, while the new investment arm will hold the remaining 40%. Shareholders still need to formally approve the separation at a meeting scheduled for May 10th. If approved, the split is expected to be completed by June 13th.
“The separation is to increase the growth of Bithumb Korea’s core exchange operation and new opportunities by encouraging independence and flexibility of each business through separate ownership,” a Bithumb Korea official stated.
The calculated move will allow Bithumb Korea to be primarily valued on its core cryptocurrency exchange business ahead of next year’s initial public stock offering.
Currently, trading fees and commissions account for around 90% of Bithumb Korea’s total revenue.
Also read: Premier Oak Grove Crypto 2024 Event in Hong Kong
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