Samsung Affiliates Buy Stakes in Dunamu, Operator of Upbit, for $408 Million
Three Samsung affiliates agreed to acquire a combined 4% stake in Dunamu, the operator of South Korea's Upbit exchange, for about 612.8 billion won, or $408 million. The purchase comes as other Korean financial institutions also move to increase their holdings in the company.
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Deal Terms and Valuation
Samsung Securities, Samsung SDS and Samsung Card announced on May 28 that they will jointly acquire a 4% stake in Dunamu for approximately 612.8 billion won, or $408 million. Samsung Securities will take 2%, while Samsung SDS and Samsung Card will each take 1%. The shares are being bought from funds affiliated with Kakao, including Kakao Investment and Kakao Ventures, and the transaction is scheduled to close on June 19, according to Korea Times.
The per-share price of about 439,250 won implies a total corporate valuation of roughly 15.3 trillion won, or about $11.1 billion, according to figures cited by Wu Blockchain and Korea Times. CoinDesk's report put the Samsung Securities portion alone at over $200 million, which is consistent with a 2% stake at that valuation. The reports agree on the headline figures, though they describe the deal's scope differently: CoinDesk framed it around Samsung Securities, while the other sources cover the three-affiliate structure.
Stated Objectives of Each Affiliate
Each Samsung unit gave a different rationale. Samsung Securities cited cooperation on token securities issuance, distribution and virtual asset services. Samsung SDS plans to combine its artificial intelligence, cybersecurity and data management capabilities with Dunamu's blockchain operating infrastructure. Samsung Card aims to build a digital asset payment ecosystem with Dunamu, potentially integrating with Monimo, the unified financial platform of Samsung Financial Networks.
The payments plan is conditional. According to Korea Times, it depends on the introduction of won-denominated stablecoins in South Korea. A Samsung official told Korea Times that the investment was meant to strengthen each affiliate's competitiveness in digital asset businesses.
Other Institutional Investors
The Samsung purchase is one of several moves by Korean financial institutions into Dunamu this month. Hana Bank agreed to buy a 6.55% stake for about 1 trillion won, or $670 million, per Korea Times. Hanwha Investment and Securities increased its holding to 9.84% by committing an additional 597.8 billion won, making it one of the company's largest non-founding shareholders, according to Wu Blockchain.
Dunamu's Business and the Regulatory Backdrop
Dunamu recorded a net profit of 708.8 billion won on revenue of 1.56 trillion won in fiscal 2025, according to Korea Times. The company says its platform handles more than 80% of South Korean virtual asset trading volume.
The Samsung affiliates tied their plans to the pillars of South Korea's Digital Asset Basic Act, which Korea Times reports is expected to be finalized in 2026. Whether the payments and stablecoin components can proceed on the stated timeline depends on that legislation.
Why It Matters
For Traders
Dunamu is the dominant Korean exchange, so the flow of institutional capital into its shareholder base may matter for Korean market sentiment, though the deal closes on June 19 and its effects are not immediate.
For Investors
Consolidation of Korean banks, brokers and conglomerates around Dunamu signals that traditional finance is positioning for a regulated domestic digital asset market.
For Builders
Samsung's plans for tokenized securities and stablecoin payments make the won-stablecoin and Digital Asset Basic Act timelines a practical dependency for any product targeting Korean infrastructure.
This article is for information only and is not financial advice. Read the full disclaimer.
