bithumb META
Investment subsidiary focused on short-term financial activities.
| Date | Investors | Amount | Round |
|---|---|---|---|
* | KRW9.0b | Seed | |
| Total Funding | 000k | ||
Originally established as Bithumb Meta in February 2022 to develop a social metaverse and NFT platform, the company has since pivoted its strategic focus. In the fourth quarter of 2024, the subsidiary was rebranded to Bithumb Partners, transforming its business model towards investment operations. This shift occurred after the initial metaverse and NFT ventures did not meet expectations, leading to the departure of early investors like LG CNS, CJ OliveNetworks, and SK Square.
Now wholly owned by its parent company, South Korean cryptocurrency exchange Bithumb, Bithumb Partners operates as an investment vehicle. The entity focuses on managing Bithumb's existing assets, such as stocks and bonds, and engaging in short-term financial investments using internal funds. This includes investments in convertible bonds of KOSDAQ-listed companies. The restructuring streamlines operations and is seen as a strategic move to optimize the corporate structure ahead of Bithumb's planned Initial Public Offering (IPO) in 2025.
The original founding team of Bithumb Meta, including CEO Cho Hyun-sik, has departed following the reorganization. The new leadership of Bithumb Partners is headed by CEO Im Tae-seong, an external recruit, with key directorial and auditor roles filled by Bithumb executives to ensure alignment with the parent company.
Keywords: financial investments, asset management, short-term investments, Bithumb subsidiary, corporate restructuring, pre-IPO, convertible bonds, strategic investments, financial products, KOSDAQ, South Korean finance, stocks and bonds, investment vehicle, internal funds management, corporate finance, financial activities, portfolio management, capital management, exchange subsidiary, financial services