Hana Financial Buys 6.55% Stake in Dunamu for $668M

Hana Financial announced in a regulatory filing on Friday that it will acquire about 2.2 million shares in Dunamu, operator of the Upbit crypto exchange, from Kakao Investment for 1.003 trillion won ($668 million). The purchase equals roughly 6.55% of Dunamu and would make Hana the company’s fourth-largest shareholder.

A prior disclosure of Dunamu’s ownership shows Chairman Song Chi-hyung holding about 25.5% and Vice Chairman Kim Hyoung-nyon about 13.1%. Kakao held roughly 10.6% before the sale and will retain about 1.4 million shares after the transaction. Woori Technology Investment holds about 7.2%.

Hana’s filing states the acquisition aims to “secure competitiveness in new finance through strategic equity investment.” Kakao’s filing indicates it is selling the remainder of its stake to raise funds for future investments while keeping a meaningful position in Dunamu.

Hana Financial has increased activity in digital assets this year. In April it signed a trilateral memorandum to develop a blockchain-based remittance system with POSCO International and Dunamu. In March the group announced a collaboration with Standard Chartered to explore global financial and digital asset initiatives. Hana has also reached agreements with USDC issuer Circle and crypto exchange Crypto.com to promote stablecoin-based payments for foreign visitors to South Korea.

Earlier this year, an affiliate of Mirae Asset Group acquired a controlling stake in the Korbit exchange. Another domestic exchange has been reported to be exploring a sale of shares held by its chairman, attracting interest from local financial groups and foreign platforms.

Regulatory filings list Hana as the fourth-largest shareholder following the transaction. The filings show the parties view the deal as a way for Hana to expand its offerings in new finance and for Kakao to free capital for other investments.