South Korean crypto exchange Bithumb has restructured its defunct subsidiary, Bithumb Meta, rebranding it as Bithumb Partners.
The relaunch marks a strategic shift as the subsidiary transitions into an investment-focused entity.
According to local outlet BizWatch, the rebranding process began in Q4 2024. Bithumb infused an additional 1 billion KRW (approximately $680,000), raising the subsidiary’s total capital to around $2 million. This move comes after Bithumb Meta’s struggles in the NFT and metaverse space, which prompted key investors like LG CNS, CJ OliveNetworks, and SK Square to exit in 2023.
As part of the restructuring, Bithumb Meta’s founding management team was dissolved. Bithumb Partners’ new leadership includes Bithumb executives, such as internal directors and auditors, alongside external hire Im Tae-Seong, who will head the team.
Bithumb Partners will operate differently from Bithumb’s other investment arm, Bithumb Investment, which primarily handles external investments. The restructured subsidiary will focus on short-term investments in thematic deals involving stocks and bonds, with the potential to evolve into a strategic or financial investor. Bithumb has a history of convertible bond investments in South Korea-listed firms such as Iwin, Barunson, and T&R Biofab.
BizWatch reported that industry observers claimed that Bithumb Partners shares similarities with the investment company the crypto exchange wanted to establish through a spin-off in the first half of 2023. At the time, the plan was to create a company to manage investments and real estate leasing. However, Bithumb Partners appears to be a more focused, streamlined version of that vision.
A Bithumb spokesperson reportedly explained that restructuring Bithumb Meta into Bithumb Partners was more efficient than liquidating the old entity and starting anew.
This rebranding mirrors broader trends in the crypto sector. For instance, Binance Labs recently expanded its focus to include biotech alongside blockchain, crypto, and AI, signalling a growing industry shift toward diversification and innovation.
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