Samsung Securities has approved a plan to acquire a 2% stake in Dunamu, the company behind Upbit, South Korea's largest cryptocurrency exchange. The investment, worth about 306.3 billion won — roughly $260 million at current rates — was greenlit by a board resolution. It marks one of the biggest direct bets by a traditional financial firm on the country's crypto infrastructure.
What the deal looks like
The stake is small — just 2% — but the price tag is sizable. At $260 million, it values Dunamu at roughly $13 billion. That's a premium reflecting Upbit's dominant position in a market where crypto trading volumes regularly exceed those of the Korea Composite Stock Price Index. Samsung Securities isn't buying from the open market; the shares are coming directly from Dunamu, likely via a secondary sale or a targeted issuance. The brokerage didn't say whether it plans to increase the stake later.
Samsung Securities is a heavyweight in Seoul's financial district, managing tens of billions in assets. Its parent, Samsung Group, has kept crypto at arm's length until now. This investment signals that the country's old-money institutions are starting to treat digital-asset companies as legitimate long-term holdings — not just speculative plays. Dunamu also runs a securities token platform and a digital wallet service, giving Samsung Securities a pipeline into blockchain-based finance beyond spot trading.
Timing and context
The deal comes as South Korea's regulators tighten rules on crypto exchanges and push for clearer separation between user assets and exchange funds. Upbit has weathered those changes better than smaller rivals, partly because Dunamu has deep pockets and a compliance-heavy approach. Samsung Securities, for its part, has been looking for ways to offer crypto-related services to its wealthy clients without directly holding digital assets. Buying a piece of Dunamu lets it ride the wave without taking on the operational risk.
What happens next
The purchase still needs to close — Samsung Securities hasn't given a timeline. Dunamu didn't immediately comment on the board decision. Given the size of the investment and the regulatory environment in Seoul, the deal will likely face a standard review from the Financial Services Commission. If it goes through, it could open the door for more cross-shareholding between traditional brokerages and crypto firms in South Korea.
