[THE INVESTOR] BTC Korea Holdings, operator of Korea’s major crypto exchange Bithumb, on Oct. 12 said it has agreed to sell the firm to Singapore-based BK Global Consortium led by renowned plastic surgeon Dr. Kim Byung-gun’s BK Group for 400 billion won (US$352.31 million).
The consortium has signed a deal to take over 50 percent plus one share of BTC Korea Holding’s 75.99 percent ownership in Bithumb. Kim was already the fifth-largest shareholder of BTC Korea Holding when he invested 3 billion won in his personal capacity.
“After the acquisition, Bithumb is expected to be jointly managed by BK and Bithumb’s current leadership,” a spokesperson told The Investor. The deal is expected to boost Bithumb’s global presence and its development of blockchain technology.
The acquisition is expected to be completed in February. Following the transaction, BK Global Consortium will become the largest shareholder of Bithumb with 38 percent stake, followed by BTC Korea Holding, Vidente and Omnitel.
Kim is the founder and director of BK Plastic Surgery Hospital in Seoul and treats patients from around the world, operating clinics in Korea, Singapore, China and Indonesia.
He has made a fortune investing in tech and bio startups and is one of the largest shareholders of Korean botulinum toxin maker Hugel. He has also invested in BIT Computer and fintech firm Finger.
Being a blockchain enthusiasts, Kim established a blockchain firm called ICO Platform in Singapore, a crowdfunding platform that matches blockchain firms with potential investors, last year. He has also invested in BOScoin.
By Ahn Sung-mi (firstname.lastname@example.org)