sam_dev 
Bithumb Asset, the investment arm of Bithumb – one of the largest cryptocurrency exchanges in South Korea – has just injected an additional approximately 112 billion won, equivalent to over 2,000 billion VND, into Asia Estate to promote the SUNYATA resort project in the coastal area of Cua Dai, Hoi An.
According to newly released information, the new capital was executed through a capital increase of Asia Estate, a wholly-owned subsidiary of Bithumb Asset. After the deal, the total capital Bithumb Asset has contributed to Asia Estate increased to about 169.3 billion won.
Most of the new capital will be used to acquire 100% of Goldburger Company for about 50 million USD, while also providing an additional approximately 30 million USD in the form of a loan to support real estate development activities in Vietnam. This is a move to accelerate the progress of the SUNYATA project after a period of slower-than-planned implementation.
The SUNYATA project is oriented to be developed into a high-end resort in the Cua Dai area, Hoi An. According to the current plan, the project is expected to carry the Conrad Hotels & Resorts brand of Hilton and aims to open in 2029.
The new move shows that Bithumb Asset is continuing to increase its participation in the Vietnamese resort real estate market, instead of just focusing on investments directly related to the crypto industry. Previously, Bithumb purchased the land for the project in 2022 for about 36 billion won and subsequently injected more capital to implement the resort development plan.
The collaboration with Hilton is also noteworthy in the context of the American hotel group expanding its high-end brand system in Vietnam. Hilton stated that Conrad Hoi An is one of the group’s new projects in Vietnam, with plans to develop a 120-room beachfront resort near Hoi An. The plan currently announced by Hilton sets the opening time in 2030, while information about Bithumb Asset’s new investment indicates the project aims for the 2029 milestone.
Besides Conrad Hoi An, Hilton is also expanding its presence in Vietnam through many other brands such as Waldorf Astoria in Hanoi, Conrad Phu Quoc, and LXR Hotels & Resorts in Da Nang. This occurs in the context of international hotel groups continuing to increase investment in the high-end resort segment at major tourist destinations in Vietnam.
