Hana Financial Group is spending $668 million to pick up a 6.55% stake in Dunamu, the company behind South Korea's largest crypto exchange Upbit. The deal, announced this week, makes Hana the fourth-largest shareholder in the operator, marking its biggest bet yet on digital assets.
The deal's terms
The purchase price values the minority stake at just under $670 million. Neither side disclosed the exact valuation of Dunamu, but the price implies the company is worth north of $10 billion. Hana joins a shareholder lineup that already includes Dunamu's founding team and other financial investors.
This isn't Hana's first crypto move — the bank has been quietly building exposure over the past two months. The group has completed several crypto-related transactions in that stretch, though it hasn't detailed every deal. The Dunamu stake, however, is its largest and most public commitment to the sector so far.
Upbit's position
Upbit dominates South Korea's crypto market, handling a hefty share of daily trading volume. For Hana, getting a direct line into that business through a board seat and ownership is a strategic hedge. Traditional financial firms in Seoul have been cautious about crypto, but Hana's move signals a shift — at least for the country's third-largest banking group.
The deal is expected to close in the coming months, pending regulatory review.
