Morgan Stanley Mulling To Acquire Shares In South Korean Cryptocurrency Exchange Bithumb

Bithumb

According to latest reports, American investment bank Morgan Stanley plans to acquire shares in the South Korean cryptocurrency exchange Bithumb, in order to become the first U.S. bank to explore cryptocurrency trading as its main business. According to foreign media reports, Morgan Stanley is negotiating to acquire a 10.3% stake in Bithumb through Bident. Just a few days ago, the media reported that Morgan Stanley would allow its customers to buy Bitcoin.

Earlier last week, foreign media reported that Bithumb was discussing the acquisition of Morgan Stanley with major shareholders such as Bident (holding a 10.3% stake in Bithumb).

Currently, Bithumb is valued at US$2 billion, and Morgan Stanley plans to invest approximately US$254 million to US$441 million in the company.

It is reported that reports of potential new investors in Bithumb have been circulating for a long time. At the beginning of this year, South Korean media reported that South Korean gaming giant Nexon planned to acquire 65% of Bithumb’s shares at a price of US$460 million, but failed to reach an agreement for unknown reasons.

In addition, in November 2020, there were also reports that Huobi, another cryptocurrency exchange, also plans to acquire Bithumb.

Web Desk is the news author at Research Snipers which mainly covers Pak News, Technology News, Business News, and Entertainment served by Research Snipers Staff and editors.

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