Hassan Maishera
TL;DR
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Hana announced on Friday that it will acquire a 1 trillion Korean won stake in Dunamu, the operator of Upbit.
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The deal will give Hana Bank a 6.55% stake in Dunamu, making it the fourth-largest shareholder.
South Korean banking giant Hana Bank is acquiring a $670 million stake in Dunamu, the parent company of the Upbit crypto exchange, marking the country’s largest-ever bank investment into a digital asset firm.
In a Friday regulatory filing, Hana Bank said it will purchase 2.28 million shares in Dunamu from Kakao Investments for 1.003 trillion won (about $669.2 million).
The deal will be executed using 2.78% of Hana’s equity in a cash transaction, with completion scheduled for June 15.
Following the acquisition, Hana will hold a 6.55% stake in Dunamu, making it the company’s fourth-largest shareholder. Meanwhile, Kakao Investments confirmed it will sell the shares, reducing its stake in Dunamu to 4.03%.
This latest development showcases accelerating convergence between traditional banking and crypto infrastructure in South Korea, where financial institutions are increasingly positioning themselves within the digital asset ecosystem.
Banks are Expanding Their Presence in the Crypto Space
Hana Financial Group, which reported 4 trillion won ($2.67 billion) in annual net profit last year, has been steadily expanding its exposure to crypto-related initiatives.
Recent moves include a partnership between its credit card subsidiary and Circle, and Crypto.com focused on USDC-related marketing, as well as collaboration with Standard Chartered on digital asset initiatives.
Earlier, Hana Bank also partnered with SK Telecom and BitGo to launch BitGo Korea, in which it holds a 25% stake.
Hana said the Dunamu investment is intended to strengthen its competitiveness in the evolving financial landscape through strategic equity exposure to digital asset infrastructure.
Upbit, operated by Dunamu, remains South Korea’s dominant crypto exchange, accounting for more than 80% of domestic trading volume. It is also among the largest global spot exchanges, with over $1 billion in daily trading activity.
Dunamu is also reportedly advancing a merger and acquisition process with Naver Financial, which could further consolidate Upbit’s position within one of Korea’s largest tech ecosystems.
