Latest news with #Hyperithm
Straits Times
15-05-2025
- Business
- Straits Times
Korean crypto CEO to join Trump's inner circle of ‘meme coin' millionaires
Mr Oh Sang-rok is CEO of Hyperithm, which manages digital assets for institutional investors in Asia. PHOTO: COURTESY OF HYPERITHM SEOUL – A South Korean crypto firm CEO has landed an unexpected invitation to an upcoming private dinner with US President Donald Trump on May 22, after becoming one of the largest holders of the president's own cryptocurrency, $TRUMP. The May 22 event at Trump National Golf Club in Washington is limited to just 25 people worldwide, a group chosen based on their weighted holdings of $TRUMP between the coin's Jan 17 launch and May 12. The only Korean on the list is Mr Oh Sang-rok, CEO of Hyperithm, a Seoul- and Tokyo-based firm that manages digital assets for institutional investors in Asia. Blockchain records show Mr Oh is likely behind a wallet holding roughly US$3 million (S$3.9 million) worth of $TRUMP, making him the 13th-largest investor. $TRUMP is what is known as a meme coin, which is a type of cryptocurrency that does not offer any particular technical innovation or utility, but gains attention through internet culture, celebrity association, or viral hype. Unlike mainstream tokens like Bitcoin, meme coins are typically driven by social media momentum and investor speculation. They can soar in price when they catch attention, but just as often crash once that momentum fades. Mr Oh is not a celebrity trader or a speculative retail buyer. He comes from a traditional finance background, with experience in mergers and acquisitions at Morgan Stanley's Seoul office, and co-founded Hyperithm in 2018 with a goal of building a crypto investment firm that behaves more like a disciplined fund than a hype-chasing startup. Since then, the company has remained profitable even through industry crashes like FTX and Terra-Luna, which is a rarity in a market known for dramatic booms and busts. Unlike many Korean crypto firms focused on local exchanges or retail platforms, Hyperithm deliberately built its first base in Japan, where institutional crypto investing is legally recognised. The company now works with banks, securities firms, and funds across Asia and the United States, and has received backing from global players like Coinbase Ventures and GS Futures. Mr Oh has been outspoken about South Korea's slow regulatory progress and the need for digital assets to be treated as part of the country's broader high-value economy. He sees crypto not as a cultural fad, but as a serious financial infrastructure play. 'Crypto should be recognised as a core K-asset,' he said in a Korean media interview earlier in 2025. THE KOREA HERALD/ASIA NEWS NETWORK Join ST's Telegram channel and get the latest breaking news delivered to you.
Korea Herald
15-05-2025
- Business
- Korea Herald
Korean crypto CEO to join Trump's inner circle of 'meme coin' millionaires
A South Korean crypto firm CEO has landed an unexpected invitation to an upcoming private dinner with US President Donald Trump on May 22, after becoming one of the largest holders of the president's own cryptocurrency, $TRUMP. The May 22 event at Trump National Golf Club in Washington is limited to just 25 people worldwide, a group chosen based on their weighted holdings of $TRUMP between the coin's Jan. 17 launch and May 12. The only Korean on the list is Oh Sang-rok, CEO of Hyperithm, a Seoul- and Tokyo-based firm that manages digital assets for institutional investors in Asia. Blockchain records show Oh is likely behind a wallet holding roughly $3 million worth of $TRUMP, making him the 13th-largest investor. $TRUMP is what's known as a meme coin, which is a type of cryptocurrency that doesn't offer any particular technical innovation or utility, but gains attention through internet culture, celebrity association, or viral hype. Unlike mainstream tokens like Bitcoin, meme coins are typically driven by social media momentum and investor speculation. They can soar in price when they catch attention, but just as often crash once that momentum fades. Oh is not a celebrity trader or a speculative retail buyer. He comes from a traditional finance background, with experience in M&A at Morgan Stanley's Seoul office, and co-founded Hyperithm in 2018 with a goal of building a crypto investment firm that behaves more like a disciplined fund than a hype-chasing startup. Since then, the company has remained profitable even through industry crashes like FTX and Terra-Luna, which is a rarity in a market known for dramatic booms and busts. Unlike many Korean crypto firms focused on local exchanges or retail platforms, Hyperithm deliberately built its first base in Japan, where institutional crypto investing is legally recognized. The company now works with banks, securities firms, and funds across Asia and the US, and has received backing from global players like Coinbase Ventures and GS Futures. Oh has been outspoken about Korea's slow regulatory progress and the need for digital assets to be treated as part of the country's broader high-value economy. He sees crypto not as a cultural fad, but as a serious financial infrastructure play. 'Crypto should be recognized as a core K-asset,' he said in a Korean media interview earlier this year.
