Samsung Affiliates Pay $408M for 4% of Upbit Parent Dunamu

Three Samsung affiliates have agreed to buy a 4% stake in Dunamu, the company behind South Korea's dominant cryptocurrency exchange Upbit, for roughly 612.8 billion won ( $408 million ). The all-cash block sale, announced on May 28, 2026, is scheduled to close on June 19, 2026, according to the Korea Herald and local outlets.

The buyers are Samsung Securities (taking a 2% stake), Samsung SDS (1%), and Samsung Card (1%). The per-share price ranges from 439,250 won to 441,000 won, placing Dunamu's implied valuation at approximately 15.3 trillion won, or $11.1 billion. The sellers are Kakao-affiliated investment funds including Kakao Investment, Kakao Ventures, Kakao Youth Entrepreneurship Fund, and the KIF-Kakao Woori Bank Technology Finance Investment Fund – part of a broader reduction of Kakao's holdings in Dunamu.

Samsung's $408M Bet on Upbit's Market Share

The transaction gives three Samsung affiliates direct exposure to the exchange that commands between 70% and 80% of South Korea's domestic crypto trading volume. As of the announcement, Upbit recorded roughly $1.21 billion in 24-hour trading volume, ranking it the world's third-largest crypto exchange behind Binance and Coinbase.

Each buyer has stated distinct objectives. Samsung Securities plans to collaborate with Dunamu on tokenized securities issuance, distribution, and virtual asset services. Samsung SDS, the conglomerate's IT and services arm, intends to combine its AI, cloud computing, cybersecurity, and data management capabilities with Dunamu's blockchain infrastructure. Samsung Card, the payments unit, is targeting crypto payment networks and exploring integration into its Monimo platform should won-denominated stablecoins gain traction under South Korea's evolving regulatory framework.

Dunamu's Valuation at $11.1 Billion and Financial Strength

Dunamu, founded in 2012 and operator of Upbit since 2017, reported net profit of 708.8 billion won on revenue of 1.56 trillion won in fiscal 2025. The implied valuation of $11.1 billion reflects the premium that traditional financial institutions are placing on a regulated exchange with dominant market share.

The Samsung deal comes on the heels of two other major institutional acquisitions. Earlier in May 2026, Hana Bank, part of Hana Financial Group, purchased a 6.55% stake for approximately 1 trillion won ( $670 million ). Hanwha Investment and Securities also took a stake reported at approximately 9.84%. Together, these three deals have shifted close to 14% of Dunamu's shares toward major Korean financial conglomerates, reducing Kakao's influence.

Kakao's Exit and the Shift Toward Institutional Ownership

The pattern is clear: South Korea's largest traditional financial groups are buying direct stakes in the country's leading crypto exchange rather than building competing platforms from scratch. Samsung now joins Hana and Hanwha as a significant shareholder. A Samsung official told the Korea Herald that the investment is designed to sharpen the firm's competitive standing in digital finance and establish a foothold in a market gravitating toward blockchain-oriented products.

Key insight: Samsung’s entry signals that major Korean financial groups view crypto exchange ownership as a core position, not a speculative bet.

Regulatory Tailwind for Won Stablecoins and Tokenized Assets

South Korean policymakers are advancing frameworks that would legalize won-based stablecoins and expand the role of tokenized assets in domestic payments and finance. The Samsung affiliates' plans align with this trajectory. Samsung Securities is positioning for tokenized securities distribution. Samsung SDS sees the blockchain infrastructure as a complement to its AI and cybersecurity offerings. Samsung Card's focus on crypto payments depends on stablecoin regulation taking effect.

The broader Asian trend mirrors this: banks, brokerages, and payment companies are acquiring regulated crypto exchange stakes to avoid building cost-prohibitive infrastructure. In South Korea, the convergence of traditional finance (TradFi) and digital assets is accelerating faster than in comparable markets, with Upbit at the center.

For context on institutional stablecoin adoption, see SoFiUSD Goes Retail: Why Bank Stablecoins Enter Consumer Apps.

What Could Weaken the Thesis: Concentration Risk and Regulatory Uncertainty

The risk event here is not the transaction itself but what it concentrates. Upbit's 70-80% market share means any operational disruption, regulatory action, or loss of customer confidence at Upbit would have outsized effects on the entire Korean crypto market. The sellers remain Kakao-related funds; if Kakao continues to reduce its stake or if other large holders follow, it could create overhang.

More broadly, the bullish case for Samsung's stake depends on regulatory outcomes that are still in development. The won-stablecoin framework has not been finalised. Tokenized securities regulations remain under discussion. If the timeline slips or the rules restrict rather than enable, the partnerships may underdeliver.

The closing date of June 19 gives the parties three weeks to finalise. Until then, the transaction is not complete. A delay or collapse would send a negative signal about institutional appetite for Korean crypto exposure.

For broader context on exchange risk and regulatory tightening, see Crypto Exchanges Tighten Risk Standards at Record Pace.

The Samsung affiliates' $408 million purchase is the latest sign that South Korea's financial establishment is betting the country's digital asset future will run through a single dominant exchange. Whether that bet pays off depends on regulation, operational reliability, and the willingness of competitors to challenge Upbit's grip.