US financial conglomerate JPMorgan Chase and financial derivatives exchange CME Group are studying the possibility of buying a controlling stake in cryptocurrency trading platform Bithumb, Korean news outlet The Korea Herald has reported citing a source close to the negotiations.
"JP Morgan has been talking with a person entrusted by one of Bithumb’s large shareholders over the acquisition."
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In addition to JPMorgan Chase, CME Group is also exploring the purchase of shares. The financial group reportedly sent a letter of intent in February, but it is unknown how the negotiations ended.
The financial details of the transaction are also unknown, however, according to local media, Bithumb Holdings CEO Lee Jung Hoon estimates the value of the exchange amounts to $1.75B.
Rumors about the possibility of buying Bithumb shares have been circulating for some time. In early January 2021, the Korean edition of Maekyung reported on the intention of South Korea's leading gaming company Nexon to buy Bithumb for $460M. However, it was later reported the company would receive 65% of the platform for this amount. The purchase never materialized.