[Featured Stock] Bident, Imminent Sale of Bithumb with Rapidly Increased Cash Reserves... Expectation of Coinbase Listing Regulation Easing
[Asia Economy Reporter Hyungsoo Park] Vident's stock price is on the rise. This is interpreted as a result of Bitcoin prices surpassing $63,000 for the first time ahead of the Nasdaq listing of Coinbase, a major U.S. cryptocurrency exchange, combined with expectations of the sale of the domestic cryptocurrency exchange Bithumb.
At 10:20 a.m. on the 14th, Vident was trading at 15,800 KRW, up 9.72% from the previous day.
According to the cryptocurrency site CoinDesk, Bitcoin prices soared to $63,707 per coin as of the morning of the 14th, Korean time. This appears to be due to somewhat eased concerns about regulatory tightening ahead of Coinbase's direct listing on Nasdaq.
Ha Daehun, a researcher at SK Securities, said, "The regulatory risk has been answered by Coinbase's listing," adding, "This listing would be unimaginable if regulations were imposed."
He continued, "Recent movements by governments around the world are shifting the policy from prohibition to fostering the industry through institutionalization. However, it is necessary to be cautious about 'blind investments' swept up in the frenzy, excluding Bitcoin and Ethereum," he added.
The net profit of the domestic cryptocurrency exchange Bithumb last year was 141.1 billion KRW, an increase of 279% compared to the previous year. This marks two consecutive years of profit following 2019. According to Bithumb Korea's 2020 audit report, Bithumb's cash equivalents increased more than threefold to 878 billion KRW compared to the previous year.
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One economic media outlet reported that Bithumb is preparing for the possibility of cash transactions in the process of its sale. An anonymous source from the cryptocurrency industry stated, "There are rumors in the industry that the sale of Bithumb is already in its final stages," and "It seems that cash is being prepared to speed up the process."
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