Morgan Stanley kept an eye on Bithumb’s stake

 252 total views


2021-03-21 23:35:40

Korean media reported that Morgan Stanley is in talks with Bident, who owns 10% of Bithumb Korea.

Morgan Stanley kept an eye on Bithumb's stake
Morgan Stanley kept an eye on Bithumb’s stake

According to South Korean media, US-based multinational investment banking giant Morgan Stanley is rumored to be in talks to acquire a significant stake in South Korea’s top crypto exchange, Bithumb.

News reported by Aju News on March 18, Bithumb is said to be in discussions with Bithumb’s major shareholder, Bident, who owns about 10% of Bithumb Korea.

An article dated March 19, Naver said that Morgan Stanley is planning to invest between 300 and 500 billion Korean won (254 million to 441 million USD). The report cites an anonymous senior representative of Bithumb as saying:

“Morgan Stanley was involved in the Bithumb acquisition.”

A second anonymous source familiar with the matter said:

“The reason Morgan Stanley used Bident is because they understand that Bident has the right to negotiate a priority sale to acquire Bithumb Holdings.”

Cointelegraph market analyst Joseph Young shared the news on Twitter, noting that Bithumb is targeting a valuation of up to $ 2 billion.

The news comes two days after Cointelegraph reported on an “internal memorandum” from Morgan Stanley announcing that the company will launch three funds that allow ownership of Bitcoin to wealthy clients with “tolerance. take positive risks ”.

Eligible client must be a recognized investor and hold at least $ 2 million worth of capital with the company. Minimum investment in the fund is 5 million USD.

Commenting on the news, US investment bank JMP Securities’ Devin Ryan predicts Morgan Stanley’s crypto-friendly funds will spur other financial institutions to explore offering their clients further. Contact with digital assets. Mr. Ryan said:

“Motivations include missing out on the best or worst opportunity that business is disrupted if the customer decides on better alternatives, which can have a negative impact on growth or stability. competitive taste ”.

Morgan Stanley has not yet responded to a Cointelegraph request for comment.

CHK aggregated

Maybe you are interested :



#Morgan #Stanley #eye #Bithumbs #stake

Related Posts

Leave a Reply

Your email address will not be published.

Close Bitnami banner
Bitnami