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- Morgan Stanley is negotiating to acquire around 10.3% of stakes in the Bithumb crypto exchange
- The investment bank is expected to be investing around $254 million to $441 million
- The bank will be allowing its wealthier clients to buy Bitcoins
Morgan Stanley, the giant investment bank, has been observed planning to acquire a stake in Bithumb. According to the report from a Korean news-outlet, Naver News, the investment bank is the latest prominent institution to plan a purchase in Bithumb. Indeed, the report also revealed that the investment entity would be acquiring a major stake worth 10.3% in South Korea’s largest crypto exchange.
Morgan Stanley negotiating to acquire Bithumb
Earlier last week, a Korean news-outlet, Aju News, reported that Bithumb was discussing Morgan Stanley’s acquisition with major shareholders like Bident, with a 10% stake. According to the report of Naver News, a spokesperson from Morgan Stanley revealed that the bank would use Bident’s services. Indeed, negotiating Bident came, as the investment bank understood that Bident has the right to negotiate a preferred sale, which could help Morgan Stanley to acquire the crypto assets exchange. However, the investment bank has plans to fund around $254 million to $441 million.
The investment bank is not the only one to acquire Bithumb
Many rumors are spreading in the cryptosphere that the largest bank of South Korea is for sale. Recently, Nexon, the world’s most popular games creator, was also looking to acquire a stake in the crypto exchange. However, later it was observed that the negotiation among the firms failed. On the other side, it is now known that Morgan Stanley came up showing such interest. Moreover, this appears to be a bigger week witnessing the connection between the largest investment bank and the cryptosphere.
Why is the investment entity planning to acquire Bithumb?
Earlier last week, Morgan Stanley shared an internal note with its investors. Following the note shared by the entity, it was observed that it is planning to allow its clients to purchase Bitcoins. The report also stated that it would only allow its wealthier clients to access such features. According to the bank, it is suitable for individuals with at least $2 million in assets held with aggressive risk tolerance. On the other side, to qualify for the new stake, the bank needs at least $5 million held with it.
Seeing such a giant investment bank like Morgan Stanley getting in the cryptosphere is way bigger for the industry.
