Report: Major gaming conglomerate Nixon prepares to acquire Bithumb

Report: Major gaming conglomerate Nixon prepares to acquire Bithumb

After a troubled few months, crypto exchange Bithumb looks like it’s set on turning over a new leaf through an acquisition by one of South Korea’s top gaming firms. 

South Korean media reported on Jan. 7 that Nexon, a multi-billion dollar gaming conglomerate, has signed a memorandum of understanding, or MoU, to acquire the exchange at an evaluated price of 650 billion won ($460 million).

Nexon, led by CEO Kim Seoung-Ju, will reportedly work with one of the major shareholders in Bithumb, Vidente, to buy out the exchange and take control of the company, crypto journalist and Cointelegraph contributor Joseph Young has summarized. According to South Korean media, Nexon plans to take a 65% stake in Bithumb.

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As the report notes, Bithumb’s existing shares are trading at a total value of 1 trillion won ($914 million) on the over-the-counter market, meaning that the deal, if successful, will allow Nexon to take over at a “discounted price.”

The sale of the

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