CoinDesk
Three Samsung affiliates agreed to buy a combined 4% stake in Dunamu, the operator of South Korea's largest cryptocurrency exchange Upbit, for 612.8 billion won ($408 million), the Korea Herald reported Thursday. Samsung Securities is taking 2% in a 306 billion-won cash deal, with Samsung Card and Samsung SDS each acquiring 1%, all purchased from affiliates of tech conglomerate Kakao. The transactions are scheduled to complete on June 19.
The sale marks Kakao's latest exit from Dunamu after a roughly 1.6 trillion-won ($1.2 billion-plus) push: it sold a 6.55% stake to Hana Bank about two weeks ago for around 1 trillion won, then followed with a 600 billion-won block to Hanwha Investment and Securities. In total, Kakao has now offloaded about $1.5 billion of Dunamu equity in less than a month — a decisive rotation away from a crypto holding that once anchored its fintech narrative.
Why it matters
For Kakao, the timing reflects a broader strategic reprioritisation. With its "Kanana" AI models and OpenAI partnerships, the group is steering capital toward artificial intelligence while the crypto market sits in a sustained bearish mood. Offloading roughly $1.5 billion of Dunamu inside a month is the clearest signal yet that crypto is a divestment, not a core bet, for one of Korea's biggest internet platforms.
For Samsung, the move is the opposite read. The country's largest conglomerate has been active in crypto since launching its digital asset wallet in 2019, and taking 4% of the venue running Upbit — by trading volume one of the largest crypto exchanges in Asia — is a deeper structural commitment than a partnership or product integration. It places a Samsung Securities-led group inside the cap table of the dominant Korean retail venue.
Market impact
The market read on the day was split. Samsung Securities shares fell 2.7% and Samsung SDS dropped 5%, while Samsung Card gained 0.21% and Kakao slipped 1% — investors weighing the cash deployment against exposure to a sector in a drawdown phase.
Frequently asked questions
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Which Samsung units are buying into Dunamu?
Samsung Securities is taking a 2% stake in a 306 billion-won ($204M) cash deal, with Samsung Card and Samsung SDS each taking 1%, per the Korea Herald. The combined 4% stake is worth 612.8 billion won ($408M).
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How much of Dunamu has Kakao sold in total?
Kakao has now offloaded roughly $1.5 billion of Dunamu equity in less than a month — a 6.55% block to Hana Bank two weeks ago for about 1 trillion won, a 600 billion-won stake to Hanwha Investment & Securities, and now the 4% Samsung block.
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Why is Kakao selling its Dunamu stake?
Kakao is rotating capital toward AI — its "Kanana" models and OpenAI partnerships have become central to its strategy — while the crypto market sits in a sustained bearish phase. The accelerated Dunamu exit is the clearest signal yet that crypto is a divestment, not a core bet, for the group.
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What is Dunamu and what exchange does it operate?
Dunamu operates Upbit, South Korea's largest cryptocurrency exchange and one of the highest-volume venues in Asia by retail trading. The Samsung deal places the country's largest conglomerate on the cap table of the dominant Korean retail crypto venue.
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How did the Korean stock market react to the deal?
On Thursday, Samsung Securities fell 2.7% and Samsung SDS dropped 5% as investors weighed the cash deployment, while Samsung Card gained 0.21% and Kakao slipped 1%. The split read reflects mixed views on a strategic buy into a sector in a bearish phase.
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