Samsung Securities held a board meeting on May 28 and confirmed it will acquire 697,487 shares of Dunamu for approximately 306.4 billion won, with a price of 439,250 won per share. Lee Won-jun, chair of the Financial Services Commission (FSC), confirmed that it is considering effectively repealing or relaxing the separation rules between financial institutions and virtual assets that have been in place since 2017.
Transaction details of Samsung Securities’ confirmed acquisition
Samsung Securities’ announcement confirmed that all 697,487 shares being acquired from four Kakao-affiliated entities are transfers of existing shares and do not involve issuing new shares of Dunamu. The total acquisition amount is 306,372,559,724 won (about 306.4 billion won), with a price of 439,250 won per share. This matches the put option pricing of Dunamu and Naver Financial on the Korea Composite Stock Price Index (KOSPI) options market, implying an overall valuation of Dunamu of approximately 15.3 trillion won.
Samsung Securities previously had Hanwha Investment Securities acquire Dunamu shares from Kakao Investment for about 597.8 billion won using the same valuation, increasing its ownership stake to 9.84%. Dunamu is the operator of Upbit, South Korea’s largest virtual asset exchange.
FSC chair’s policy remarks confirmed on May 21
In a press conference on May 21, FSC chair Lee Won-jun confirmed that it is considering effectively repealing or relaxing the “gold and silver separation rules” for financial and virtual asset businesses implemented since 2017. He confirmed: “With changes in the global market environment and the progress of institutionalized legislation for virtual asset firms, we must comprehensively look at these changes.”
As of May 28, the FSC has not made an official announcement regarding specific rules for the policy adjustment or an effective timeline. The South Korean industry confirms that participation by large financial institutions is viewed as an important condition for improving governance structures of virtual asset exchanges, provided that the virtual asset exchanges are formally incorporated into the institutional framework.
Confirmed actions by South Korean financial institutions to move into virtual assets
Beyond Samsung Securities, other major South Korean financial institutions have also confirmed specific actions in the virtual asset space. Hana Bank has made a 1 trillion-won investment in Dunamu and become a major shareholder. Mirae Asset Group is seeking to acquire 92.06% of Korbit. Korea Financial Holdings is seriously considering acquiring about 20% of Coinone.
Frequently Asked Questions
Which four Kakao entities are the sellers in Samsung Securities’ deal?
According to Samsung Securities’ announcement, the sellers include four Kakao-affiliated entities: Kakao Investment Corp., Kakao Ventures Corp., Kakao Youth Startup Fund, and the KIF-Kakao Uri Bank Technology Finance Investment Fund. In this deal, all are transfers of existing shares and do not involve issuing new shares of Dunamu.
When would the separation rules hinted to be loosened take effect, and what specific restrictions are involved?
Lee Won-jun’s statement confirmed that the review concerns the separation rules between financial institutions and virtual asset exchange businesses implemented since 2017. As of May 28, the FSC has not made an official announcement on the specific method for loosening or repealing the rules or the effective timeline.
How is Dunamu’s valuation of 15.3 trillion won derived?
Based on the acquisition price of 439,250 won per share stated in Samsung Securities’ announcement, this price matches the put option pricing of Dunamu and Naver Financial on the Korea Composite Stock Price Index (KOSPI) options market. From this, Dunamu’s overall valuation is estimated at about 15.3 trillion won. Hanwha Investment Securities previously also acquired Dunamu shares held by Kakao Investment using the same valuation, confirming this pricing benchmark.
