WeMade's Park Kwan-ho sells shares to raise 40 billion won in cash.

According to Tehlec, WeMade's largest shareholder, Chairman Park Kwan-ho, sold his WeMade shares in an over-the-counter transaction on the 12th, raising 40 billion won in cash. Two private equity firms, Alpha Beta General Private Investment Trust and Pectus Company, signed a contract with Chairman Park to transfer WeMade's shares. The contracts have a common price of KRW 63,887 per share and the number of shares transferred is 310,053. The scheduled date for payment of the purchase price and issuance of the shares is February 1, 2024. The total amount of the agreement with the two private equity funds is KRW 403,4022 million.

Generally, the sale of shares by the largest shareholder has a negative impact on the company's image and share price, so it is a rare phenomenon. The reason for Park's decision to raise 40 billion won in cash is unknown. However, it is noteworthy that he signed a contract with a private equity firm on the 12th, shortly after the approval of a bitcoin spot ETF in the US on the 11th.

Some in the industry believe that Park will use the 40 billion won to buy bitcoin or WeMade's WeMix coin. In fact, after the spot ETF approval was announced, Wimix surged to 4011 won, up about 10% from the previous day.