Bithumb Meta Rebrands as Bithumb Partners with a Focus on Investments

Bithumb, one of South Korea’s leading cryptocurrency exchanges, has announced the transformation of its now-defunct subsidiary, Bithumb Meta, into a new entity called Bithumb Partners. This strategic rebranding marks a significant shift in the company’s focus, pivoting from NFT and metaverse projects to investment operations.

Strategic Shift and Capital Infusion

According to a report by BizWatch, Bithumb rebranded the subsidiary in the fourth quarter of 2024 and injected an additional 1 billion KRW (approximately $680,099 USD) into the newly formed entity. With this latest investment, Bithumb Partners now has a total capital of around $2 million and is under 100% ownership by Bithumb. The decision follows the departure of previous investors in Bithumb Meta—including LG CNS, CJ OliveNetworks, and SK Square—after the subsidiary failed to meet expectations in the NFT and metaverse sectors.

Leadership and Operational Overhaul

Bithumb Partners will be led by Im Tae-seong, an external recruit, while Bithumb’s internal management will occupy all key positions, including the internal directory and audit roles. This overhaul also led to the dissolution of Bithumb Meta’s founding management team, reflecting the company’s commitment to restructuring and realigning its objectives.

Investment Focus

Bithumb Partners is set to operate as a short-term investment vehicle, focusing on thematic deals involving stocks and bonds, using internal funds. This differentiates it from Bithumb Investment, which primarily handles external investments. Historically, Bithumb has been active in convertible bond investments in KOSDAQ-listed companies such as Iwin, Barunson, and T&R Biofab. The new subsidiary will initially oversee existing short-term investments but may expand its role into a full-fledged strategic or financial investor in the future.

Evolution of the Vision

The concept of a dedicated investment subsidiary has been in discussion since early 2023, with plans to establish a holding company for managing investments and real estate through leasing operations. While Bithumb Partners aligns with this vision, it adopts a more streamlined approach to execution. By reorganizing Bithumb Meta into Bithumb Partners, the company has expedited the transition, avoiding the lengthy process of creating a new entity from scratch and liquidating the old one.

IPO Preparation

This development comes as Bithumb prepares for an initial public offering (IPO) planned for 2025. The establishment of an investment-focused subsidiary is seen as a key step in optimizing Bithumb’s corporate structure and financial operations ahead of the IPO. Industry experts view this move as part of a broader effort to enhance efficiency and focus on asset management related to stocks, bonds, and short-term financial investments.

Conclusion

Bithumb’s rebranding of its subsidiary underscores a strategic pivot toward investment operations and a commitment to streamlining its corporate structure. With the planned IPO on the horizon, Bithumb Partners is poised to play a critical role in supporting the company’s growth and financial objectives in the coming years.