Bithumb Major Shareholder Bident Reports Net Profit of 97.3 Billion KRW, 48 Times Increase Year-on-Year

[Asia Economy Reporter Hyunseok Yoo] Broadcast display specialist company Vidente announced on the 18th that its consolidated net profit for the first quarter increased by approximately 4800% compared to the same period last year, reaching 97.27778 billion KRW.

A Vidente representative stated, “Manufacturing and sales of broadcast displays are steadily ongoing,” adding, “We maintain a leading position in both exports and domestic market share, resulting in continuous sales.”

He said, “Vidente is the only domestic company ranked third worldwide in the broadcast equipment market, following Japan’s SONY and the US company SmallHD, which was acquired by the UK’s Vitec Group,” and added, “We will continue our growth trajectory through existing businesses as well as cryptocurrency-related ventures.”

In particular, Bithumb Korea, in which the company holds a 10.25% stake, recorded sales of 250.2 billion KRW and net profit of 222.5 billion KRW in the first quarter. Additionally, Vidente is the single largest shareholder of Bithumb Holdings, the holding company of Bithumb Korea, with a 34.22% stake. Bithumb Korea operates Bithumb, the number one cryptocurrency exchange in Korea. This year, major cryptocurrency transactions such as Bitcoin and Ethereum have surged significantly, generating record profits. According to the company, Bithumb’s corporate value is estimated to exceed 2 trillion KRW.

Vidente’s stock price has continued to benefit from the record-high Bitcoin trading prices and Bithumb’s performance issues this year. The closing price on the first trading day of the year was 8,090 KRW, reaching a peak of 16,450 KRW last month, more than doubling in just three months.

Meanwhile, the rise in Vidente’s corporate value has also improved the financial structure of related companies. InvivoGen, Vidente’s largest shareholder, turned a profit with a net income of 41.8 billion KRW in the first quarter. Bucket Studio, the largest shareholder of InvivoGen, also succeeded in turning a profit with 7.7 billion KRW.

A Vidente representative explained, “Due to the connected governance structure of the three companies, the increase in Vidente’s stock price and market value has had a synergistic effect, boosting the corporate values of InvivoGen and Bucket Studio, whose shares are linked.”

This content was produced with the assistance of AI translation services.