S Korea's Hana Bank to buy stake in Dunamu for $700m

South Korea’s Hana Bank, part of Hana Financial Group, said in a regulatory filing on May 15 that it will buy a 1 trillion won (US$700 million) stake in Dunamu.

The acquisition will give Hana Bank a 6.55% stake in the crypto firm.

A separate filing from Kakao said its investment unit will sell the stake in privately held Dunamu on May 15, which will cut Kakao Investment’s holding to 4.03%.

Dunamu runs Upbit, South Korea’s largest cryptocurrency exchange, which analysts said handles more than 80% of trading volume in the country’s virtual asset market.

🔗 Source: Reuters

🧠 Food for thought

Implications, context, and why it matters.

Hana Bank is buying into a profitable but narrow business

Dunamu earns a lot of money, though most of it comes from one stream.
In 2025, it posted 1.6 trillion won (US$1.05 billion) in revenue and 869.3 billion won (US$582 million) in operating profit, for a 55.7% margin 1.
That profit base depends heavily on market mood, since trading fees made up 98.26% of total revenue in 2025 1.
A market rebound likely lifted activity in the third quarter of 2025. Revenue jumped 103.8% from a year earlier as trading rose 2.

The deal comes as South Korea opens regulated crypto access to institutions

Hana Bank made the investment as South Korea works digital assets into its regulated financial system 3.
The Financial Services Commission (FSC), South Korea’s top financial regulator, plans to release detailed guidelines for corporate virtual asset investing in April 3.
About 3,500 listed companies and investment firms are set to receive real-name accounts for crypto investing by year end under that plan 3.
The Dunamu stake gives Hana Bank a foothold in Upbit’s business as institutional participation grows under the new rules 3.