Morgan Stanley to Buy Stake in Bithumb Exchange for $440M
CoinEdition
Published Mar 20, 2021 05:41AM ET
Updated Mar 20, 2021 06:00AM ET
Morgan Stanley to Buy Stake in Bithumb Exchange for $440M
- US-based investment bank Morgan Stanley (NYSE:MS) may be planning to acquire Bithumb.
- According to the source, Morgan Stanley offered from $265 – $440 million.
- Bithumb has been for sale since late last year.
American investment bank Morgan Stanley is allegedly planning to buy a stake in South Korean cryptocurrency exchange Bithumb. According to local media website Naver News, Morgan Stanley may even be aiming to acquire the exchange.
The news came from a senior executive from Bithumb Holdings, saying that Morgan Stanley participated through a merger and acquisition (M&A). Prior to this, the investment bank approached Bident, which owns a considerable percentage of stake in Bithumb. Moreover, Bident has the “right to negotiate a preferred sale to acquire Bithumb Holdings,” according to the source.
What is more, Morgan Stanley is reportedly willing to pay between 300 to 500 billion KRW ($265 – $440 million).
In January, South Korean gaming company Nexon was rumored to be planning to acquire Bithumb. However, Vidente denied the allegations a day after local media reported it. However, Naver News said that Nexon CEO Kim Jung-joo actually showed “strong willingness” to take over the exchange. Nevertheless, negotiations were sluggish, so the deal did not ensue.
Bithumb is arguably the biggest South Korean crypto exchange. However, it has experienced a number of issues mainly due to its Executive Chairman, leading to at least three raids in 2020. . Since then, the exchange shareholders have been planning to sell it. So far, Bithumb has yet to confirm whether it has finally accepted the offer from Morgan Stanley or not.
This article first published on coinquora.com
Continue reading on CoinQuora
Get The News You Want
Written By: CoinEdition
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.