Morgan Stanley plans to acquire Bithumb to become the first US bank to explore crypto trading as a major business. This acquisition will speak for itself as it will help the bank to properly indulge in crypto activities. It also shows the huge belief that the curreny has cultivated in banks, and now they are getting all in the game. Even BNY Mellon invested in a crypto startup in their latest Series C funding round. This acquisition is going to be huge, and the negotiation is currently going on.
Morgan Stanley to acquire Bithumb
Morgan Stanley recently started its Bitcoin funds investments and offering more clients access to Bitcoin funds. And therefore, the rumours of their acquiring Bithumb does seem to be true. It will not be a 100% acquisition, but the bank is going to purchase a majority stake in the company. This will enable them to take major decisions and also decide how they want to run Bithumb. At present, Bithumb is evaluated at $2 billion, and the investment from Morgan Stanley is estimated to be around $254 million and $441 million. This will allow them to have a major share in the company. Do note that none of this official news but does come from trusted sources.
One of the largest shareholders of Bithumb is Bident, who was approached by Morgan Stanley. Reports suggest that Bident could help in the sale of the shares of the company and help Morgan Stanley acquire a majority stake in the exchange. In fact, this is not the first time that someone has tried to acquire a stake in Bithumb. Reportedly, a gaming company Nexon has also negotiated for getting a stake in the company, but the deal didn’t go through due to unknown reasons.
Bitcoin is going up!
Recent investments in Bitcoin has resulted in a somewhat steady price increase of the cryptocurreny. The curreny is trading blows with gold now. Presently, 1 Bitcoin is more valuable than 1Kg of gold, and it is not just that. Companies are content investing in the cryptocurreny no matter what. The price at which Bitcoin is trading doesn’t seem to affect their decision on should they invest in it or not. Just a few days back, Microstrategy purchased another $15 million in Bitcoin. And the CEO of the company said that they don’t even care about buying at lows and selling at highs anymore. It is all about keeping investing and acquire as much as possible.
Very recently, Deutsche Bank said that Bitcoin has become “too important to ignore”, and we can see why. Banks that showed no interested and laughed at Bitcoin are not buying majority stakes in crypto exchanges. Things have changed, and we can see that. What are your thoughts on the fact Morgan Stanley plans to acquire Bithumb? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.