Three Samsung affiliates agreed to purchase a combined 4% stake in Dunamu, operator of South Korea’s largest cryptocurrency exchange Upbit, from Kakao for 612.8 billion won ($408 million), with the transaction scheduled to close on June 19.
Samsung Securities will acquire 2% for 306 billion won, while Samsung Card and Samsung SDS will each take 1% stakes, according to CoinDesk reporting by Jamie Crawley and editor Sheldon Reback. The deal marks Samsung’s latest move into the cryptocurrency sector, following the conglomerate’s introduction of a digital asset wallet in 2019.
The purchase caps a rapid divestment by Kakao from Dunamu. Approximately two weeks before the Samsung agreement, Kakao sold a 6.55% stake to Hana Bank for roughly 1 trillion won. Earlier, Kakao sold a stake valued at 600 billion won to Hanwha Investment and Securities. Combined, Kakao has divested approximately $1.5 billion in Dunamu equity in less than a month.
Samsung is South Korea’s largest company and has maintained an active presence in crypto for several years. Dunamu operates Upbit, which holds the position of South Korea’s largest cryptocurrency exchange. Kakao, a technology conglomerate, has recently centered its corporate strategy around artificial intelligence through its “Kanana” AI models and partnerships with OpenAI.
Market reaction to the Samsung stake purchase was mixed. On Thursday, Samsung Securities shares declined 2.7% and Samsung SDS fell 5%, while Samsung Card gained 0.21%. Kakao shares dropped 1% on the same day. The broader cryptocurrency market remains in sustained bearish conditions, with digital assets taking secondary priority to artificial intelligence investments among major corporations.
The transaction does not include disclosed details on governance rights, specific terms, or Samsung’s stated investment rationale. Kakao’s reasoning for the accelerated divestment from Dunamu also remains undisclosed. The deal values Dunamu at an implied level not specified in available transaction details.
