BTC Holding, a financial holding company of cryptocurrency exchange Bithumb has doubled its stake in BTOne(artis.co.kr), a listed company in Korean stock exchange to become the largest shareholder, standing a chance to do a backdoor listing on the stock market.
Once BTC Holding is listed with the backdoor listing, the company will have a chance to issue new shares to raise more capital – big enough cash to expand its cryptocurrency business.
BTC Holding recently joined BTOne’s paid-in capital increase to boost up its stake from 13.85% to 25.79%, outmaneuvering OmniTel as the largest shareholder.
BTC Holding is a holding company of BTC Korea.Com, an operator of Korea’s largest cryptocurrency exchange Bithumb. Led by BK Group chairman Kim Byung-Geun, BK Consortium signed a deal to acquire a 50% stake plus 1 share of BTC Holdings, but once again postponed its capital injection for the acquisition last month, citing the reason that it has been renegotiating the deal to increase its stake from 50% to 70%.
BTOne is a shoes-making company, selling shoes under its Artis brand name, but at its shareholders’ meeting held last month reached a consensus that it will venture into new business financial businesses like e-commerce payments, payment gateway, or PG, prepaid payment management, and escrow business -, a move to lay out the groundwork for entering into cryptocurrency business.
BTC Holding invested 49 billion won in BTOne at the end of last year.
Market analysts here predict that BTC Holding’s doubled position in BTOne is a prelude to its backdoor listing in the Korea Stock Exchange.