Hanwha Investment Securities raises Dunamu (Upbit) stake to 9.84% in KRW 598B deal

Hanwha Investment Securities has raised its stake in Dunamu—operator of South Korea's largest cryptocurrency exchange Upbit—to 9.84%, becoming the third-largest shareholder. The firm purchased 1.361 million Dunamu shares from Kakao Investment for approximately KRW 597.8 billion (~$430 million USD), adding 3.90 percentage points to its existing 5.94% holding.

Dunamu commands a dominant share of Korea's won-denominated crypto market through Upbit, which consistently ranks among Asia's top trading venues by volume. Hanwha already holds stakes in blockchain infrastructure firm Crescent and digital asset data platform Zagle, making Dunamu the centerpiece of a vertically integrated digital finance stack. By deepening its position, Hanwha captures potential institutional flows as the crypto-to-TradFi bridge matures.

Hanwha stated its conviction that virtual asset exchanges will "expand beyond simple brokerage into custodial, settlement, and institutional services"—a trajectory aligned with the global RWA tokenization push. Industry forecasts project RWA markets could reach $16 trillion by 2030, and Korean financial institutions are racing to own pieces of the underlying infrastructure.

The seller, Kakao Investment, was previously Dunamu's second-largest shareholder. The divestiture is consistent with Kakao Group's ongoing portfolio restructuring. The deal was struck as South Korea's Financial Services Commission (FSC) drafts detailed rules under the Virtual Asset User Protection Act, which could reshape exchange fee structures and custody frameworks—Hanwha's entry at this juncture signals confidence in a workable regulatory outcome.

Key items to watch: FSC's final RWA regulatory framework (expected Q3 2026), any Dunamu disclosure of institutional service revenue, and whether Hanwha seeks to cross the 10% threshold that carries strategic investor designation obligations under Korean securities law.

Not investment advice. Verify all figures with primary sources before acting.