Attention members of the BTS ARMY: it might be time to hit the stock market.
BTS members Jin, J-Hope and RM have sold a collective $8.4 million of shares in Hybe Corp., the management company that launched the Korean pop group to world-conquering success.
The members' sales of 31,986 shares, as originally reported by Bloomberg, took place just before the seven-piece group’s “Permission to Dance on Stage” shows in Los Angeles this week, as well as their history-making win at the recent American Music Awards.
Hybe Corp., originally known as Big Hit Entertainment, gave the members a combined 479,000 shares, a 1.41% stake in the company, before going public 14 months ago. Those shares nearly doubled their value upon their IPO debut, and are now valued at some $165 million. Hybe trades on the Korea Exchange based in Busan, South Korea.
BTS Members Cash In
Bloomberg has noted that the members might be looking to cash in before their mandatory two-year military conscription starts. BTS’s oldest member, Jin, who turns 29 on Dec. 4, has been granted a military deference until late 2022.
All men in South Korea between the ages of 18 and 28 are required to enroll in the military for approximately 18 months, though a recent bill will allow some entertainers recommended by South Korea's culture ministry to defer enrollment up to the age of 30.
Unfortunately, despite BTS’s great fortune, it’s not all good news for the band, as they will be quarantining due to new restrictions imposed by South Korea in response to the discovery of the omicron variant, which will cause them to miss the Mnet Asian Music Awards in Seoul. The band had previously been in the United States, most recently playing shows in Los Angeles.
Shares in Hybe are up 7.4% today.