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Odaily News: Dunamu, the operator of Korean cryptocurrency exchange Upbit, has responded to rumors of a US listing, stating that the company has indeed been in contact with the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). However, it has not yet confirmed plans for a US listing, nor has it converted its financial reporting standards to U.S. Generally Accepted Accounting Principles (US GAAP).Dunamu stated that it is currently working with Naver Financial to complete a share swap by December 31. The two companies are valued at 15 trillion KRW and 5 trillion KRW respectively, with a swap ratio of 1 share of Dunamu for approximately 2.54 shares of Naver Financial. Upon completion of the transaction, both parties plan to establish an IPO committee within one year and proceed with listing efforts.Market observers believe Nasdaq could be a potential listing venue, mainly because Naver is already listed on the Korean exchange. If the two companies are subsequently listed on a secondary exchange in Korea as subsidiaries, they may face regulatory restrictions on "parent-subsidiary dual listings." If Dunamu ultimately pursues a US listing, it may do so via American Depositary Receipts (ADRs). The Korean legal entity and Upbit business would remain intact, and services such as KRW deposits and withdrawals for users are not expected to be directly impacted. (Etoday)
Samsung Securities has passed a board resolution to acquire 2% of Dunamu's shares for 306.3 billion won (approximately $204 million), totaling around 697,000 shares at an acquisition price of about 439,000 won per share.The sellers in this transaction include Kakao Investment, Kakao Ventures, Kakao Youth Startup Fund, and the KIF-Kakao Woori Bank Technology Finance Investment Fund. Based on the transaction price, Dunamu's overall valuation is estimated at approximately 15.3 trillion won (about $10.2 billion).Samsung Securities stated that this investment aims to enhance its competitiveness in the digital asset business and expand related synergies. Previously, Hanwha Investment & Securities also acquired Dunamu shares held by Kakao Investment at the same valuation. (Yonhap News Agency)