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South Korea's Kiwoom Securities is in talks to acquire a stake in Bithumb, the country's second-largest crypto exchange, according to Chosun Biz. The two sides are discussing a third-party allotment of new shares, with the size and investment amount still under negotiation.
The move lands as Korean securities firms position for entry into digital assets ahead of STO and stablecoin institutionalization. The Financial Services Commission is separately drafting rules that would cap major shareholders' stakes in crypto exchanges at 20% in principle and up to 34% under exceptions.
Why it matters
Bithumb Holdings currently owns 73.56% of the exchange, well above any plausible cap under the proposed framework. Implementation would force a forced unwind of more than 50 percentage points of that stake, opening the door for traditional finance buyers. Kiwoom's entry, even before the rules land, is a signal that brokerages want a seat before prices adjust.
Market impact
A regulated brokerage parent gives Bithumb a stronger footing in the STO and stablecoin distribution rails Seoul is building. For competitors, it raises the cost of waiting: the early entrants capture governance influence and product pipeline, not just minority exposure.
Source: [Kiwoom Securities seeks Bithumb stake as South Korea pushes STO reforms - CHOSUNBIZ](https://biz.chosun.com/en/en-finance/2026/06/29/LOG5HCKPFZF4VGAKERT52THNTI/)
Frequently asked questions
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What is Kiwoom Securities proposing with Bithumb?
Kiwoom is in talks to acquire a stake in Bithumb via a third-party allotment of new shares, with the size still under negotiation, according to Chosun Biz.
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Why are Korean brokerages moving into crypto now?
The Financial Services Commission is drafting rules for STO and stablecoin institutionalization, and brokerages want governance and product pipeline positions before the framework sets.
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What stake limits is the FSC proposing for exchanges?
The FSC is discussing a 20% cap on major shareholders in principle, with exceptions allowing up to 34%.
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How exposed is Bithumb Holdings under the proposed cap?
Bithumb Holdings owns 73.56% of Bithumb, which would require it to reduce its stake by more than 50 percentage points if the rules are implemented.
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What does a brokerage parent mean for Bithumb's business?
A regulated securities-firm parent strengthens Bithumb's positioning in STO distribution and stablecoin rails, and gives it an institutional edge over peers still focused on retail.
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