Hana Bank makes $670M Upbit parent bet as Korea crypto shifts

Hana Bank will buy 2.28 million shares in Dunamu, the parent company of Upbit, from Kakao Investments for about 1.003 trillion won, or nearly $670 million. 

The deal gives Hana Bank a 6.55% stake in Dunamu and makes it the company’s fourth-largest shareholder. Reuters reported the deal as a 1 trillion won transaction based on regulatory filings.

The transaction is expected to close on June 15. Kakao Investments will keep 1.4 million Dunamu shares after the sale, equal to a 4.03% stake. The sale changes Dunamu’s investor structure as major Korean finance and technology groups move closer to crypto businesses.

Banking groups move closer to crypto

Hana said the investment aims to “secure competitiveness in the new financial landscape.” The wording shows the bank is treating digital assets as part of its wider financial services plan, rather than a short-term market trade.

The purchase also follows earlier moves by Hana-linked units. Hana Card signed a USDC-related marketing deal with Circle and Crypto.com in March, while Hana Bank and SK Telecom partnered with BitGo in 2024 to set up BitGo Korea, where Hana owns 25%.

Dunamu is already part of a wider corporate process involving Naver Financial. Crypto.news reported in April that South Korea’s Financial Supervisory Service ordered Dunamu to correct major omissions in filings linked to its stock swap with Naver Financial.

The same report said the deal would make Dunamu a wholly owned Naver Financial subsidiary, but regulatory, competition and legislative reviews remain part of the process. Earlier coverage placed Dunamu’s implied value near $10 billion and the broader merger around $14.5 billion.

Upbit dominates Korea’s exchange market

Upbit remains South Korea’s largest crypto trading platform. Reuters reported that the exchange handles more than 80% of the country’s virtual asset trading volume, making Dunamu one of the most watched crypto firms in Asia.

Recent market updates show Upbit still drives activity in Korean crypto trading. Crypto.news reported fresh Upbit actions this week, including a Cosmos ATOM transfer pause for a network upgrade and the planned delisting of NKN’s BTC market in June.

Korea’s rules add to the timing

The Hana-Dunamu deal comes as South Korea works on the Digital Asset Basic Act. Crypto.news reported that the law was delayed into 2026 as regulators debated stablecoin oversight and the role of banks in issuance.

Separate coverage said the ruling party’s draft law includes tighter stablecoin rules, including a 5 billion won capital bar. That makes Hana’s Dunamu stake part of a larger shift, as banks, exchanges and technology groups prepare for clearer digital asset rules.