Hana Financial agreed to acquire a 6.55% stake in Upbit operator Dunamu for $668 million amid growing crypto expansion.
South Korean financial conglomerate Hana Financial Group has agreed to acquire a 6.55% stake in Dunamu, the company that operates cryptocurrency exchange Upbit, for over 1.003 trillion Korean won ($668 million).
The shares are being purchased from Kakao Investment, with Hana Financial acquiring more than 2.2 million Dunamu shares, according to a regulatory filing submitted May 15. Kakao Investment said in a separate filing that it is retaining 1.4 million shares while offloading the remainder to raise capital for future investments.
Hana Financial cited "competitiveness in new finance through strategic equity investment" as the rationale for the deal. The acquisition makes it the fourth-largest Dunamu shareholder, behind Chairman Song Chi-hyung at 25.5%, Vice Chairman Kim Hyoung-nyon at 13.1%, and Woori Technology Investment at 7.2%.
The transaction is Hana Financial's latest move in a series of digital asset-related deals. In April, it signed a trilateral agreement with POSCO International and Dunamu to launch a blockchain-based remittance system. In March, it reached a collaboration agreement with Standard Chartered Group covering global financial and digital asset markets.
Also in March, Hana Financial signed separate agreements with USDC issuer Circle and crypto exchange Crypto(dot)com to support stablecoin-based payments for foreign visitors in South Korea.
Hana Financial's activity follows a broader trend of traditional South Korean financial institutions moving into the digital assets sector. Mirae Asset Consulting, an affiliate of Mirae Asset Group, acquired a controlling stake in crypto exchange Korbit in February. Coinone has also been exploring a sale of shares held by its chairman, with domestic financial institutions and foreign exchanges reported to be interested buyers.
Naver Financial, the financial arm of South Korean tech company Naver, also agreed last year to acquire Dunamu through a share swap, bringing the Upbit operator under its umbrella.
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