South Korean gaming giant Nexon seeks to acquire Bithumb exchange

Author: Shaurya Malwa

Translator: Yu Shunsui

If the 500 billion won (about 460 million U.S. dollars) bid is accepted, the South Korean crypto exchange Bithumb may soon welcome new owners.

According to reports, South Korean game Nexon is preparing to make a huge acquisition of.

Nexon is well-known for developing popular games such as KartRider and publishing Need For Speed ​​Online. Nexon has the opportunity to trade at a favorable price. According to reports, Bithumb’s old shares are valued at 1 trillion won ($900 million) in the over-the-counter market, which means that Nexon is expected to acquire the company at a steep discount.

Since August 2020, Bithumb has been seeking to sell a large number of shares. According to reports, the company was responsible for managing the transaction and recruited domestic and foreign private equity fund (PEF) managers at the time.

However, at the time when Bithumb’s board of directors was in turmoil, the sale at the time was delayed. Lee Jung Hoon, the chairman of its holding company, was investigated and arrested by the authorities on suspicion of token fraud, securities fraud and market manipulation. The case is still under trial.

Nevertheless, Bithumb still maintains its position as the top crypto exchange in South Korea. According to data from the analysis website CoinGecko, yesterday’s transaction volume exceeded $2.6 billion, and more than 129 cryptocurrencies were provided to customers.

If the transaction can finally be completed, the acquisition will be the third crypto exchange acquisition. Its parent company has previously been acquired (and, and management has stated that it will make future plans to integrate cryptocurrency into its retail game lineup.