[Special Stock] Bithumb Shareholder T Scientific Acquires Hanbitco... Aggressive M&A Moves

[Asia Economy Reporter Hyungsoo Park] T Scientific is showing strong performance. The news that it will invest 24 billion KRW to acquire a 60.36% stake in the virtual asset exchange Hanbitco to promote a blockchain-based new business appears to have influenced its stock price.

At 9:26 AM on the 12th, T Scientific is trading at 4,380 KRW, up 17.43% from the previous day.

T Scientific is a blockchain IT company and decided on the acquisition to solidify its strategic direction. Hanbitco is a virtual asset exchange company established in 2017. In December last year, it completed registration as a virtual asset business operator with the Financial Intelligence Unit (FIU). It is promoting its business to provide KRW-based services by securing real-name deposit and withdrawal accounts with banks.

A T Scientific official said, "We are considering expanding synergy business areas such as a non-fungible token (NFT) exchange and various financial service business models based on the asset exchange," adding, "We will accelerate overseas expansion within this year as well as domestically."

Until now, T Scientific had not directly participated in business other than investing in Bithumb Korea’s shares in the blockchain sector. With the acquisition of Hanbitco, it plans to continue direct business operations. According to Bithumb Korea’s 2021 business report, T Scientific holds an 8.17% stake in Bithumb Korea.

A company official stated, "Starting with this acquisition of the virtual asset exchange, we plan to actively pursue investments and mergers and acquisitions (M&A) that align with our strategic direction, including linked business promotion through strategic investment with the global creator platform OGQ."

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