🧠 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.