Samsung Securities is buying a 2% stake in Dunamu — the company behind South Korea's dominant crypto exchange Upbit — from affiliates of Kakao, the tech giant that helped launch the exchange. The deal is valued at over $200 million, according to people familiar with the transaction.
The stake purchase is part of a larger restructuring of Dunamu's ownership. While the headline figure for the overall transaction has been reported at $408 million, the specific piece coming from Samsung Securities represents a 2% slice worth north of $200 million.
A big bet on crypto infrastructure
Samsung Securities, the brokerage arm of the Samsung conglomerate, doesn't dabble in crypto lightly. Buying into Dunamu gives it exposure to the exchange that handles the vast majority of South Korea's digital asset trading volume. For a traditional financial firm, this is a meaningful step into the ecosystem — not through a tiny startup but through the established market leader.
Kakao's affiliates are trimming their stake. That doesn't mean the messaging giant is fleeing crypto; it's more of a partial exit that lets them cash out some of the value built up since Dunamu's early days. The remaining Kakao affiliates still hold a chunk of the exchange.
What the price tag says
A 2% stake for $200 million implies a valuation of roughly $10 billion for Dunamu. That's a hefty number for a company that largely depends on trading volumes, which can swing wildly with market conditions. But Upbit's dominance in Korea — it commands something like 80% of local trading — gives Dunamu a durable revenue base that most exchanges outside of Binance can only dream of.
The price also reflects the premium investors place on regulated, home-market exchanges. Dunamu has navigated South Korea's strict licensing regime and real-name account requirements, a barrier that has kept many smaller players out.
What happens now
The deal still needs regulatory sign-off, likely from South Korea's Financial Services Commission. Given Samsung Securities is a local financial firm and the stake is below 5%, approval is expected but not guaranteed — the FSC has been tightening oversight of crypto-linked investments by traditional institutions.
Look for an official filing from Samsung Securities in the coming weeks. If it goes through, the deal will make Samsung one of Dunamu's more notable strategic investors, alongside Kakao and a handful of venture funds. That's the kind of stamp of approval that matters when regulators and institutional clients are watching.
