South Korean banking giant Hana is acquiring a $670 million stake in Dunamu, the company behind Upbit crypto exchange.
In a Friday regulatory filing, Hana Bank disclosed that it will buy 2.28 million shares in Dunamu from Kakao Investments with 1.003 trillion Korean won ($669.2 million). Hana Bank is using 2.78% of its own equity for this cash transaction.
The acquisition, set to take place on June 15, will give Hana a 6.55% stake in the Upbit operator, positioning it as the fourth-largest shareholder.
In a separate filing, Kakao Investments, which is under local IT giant Kakao, confirmed the sale of 2.28 million Dunamu shares. The transaction will leave Kakao with 1.4 million shares, representing a 4.03% stake in Dunamu.
Hana’s entry into Dunamu marks the Korean banking sector’s largest-ever investment in a digital asset enterprise, local news outlet Newsis reported.
Changing landscape
Hana said in the filing that it aims to “secure competitiveness in the new financial landscape” through strategic equity investment.
Hana Financial Group, which recorded an annual net profit of 4 trillion won ($2.67 billion) last year, has been venturing into digital assets through partnerships with global firms.
In March, Hana’s credit card subsidiary entered a USDC-related marketing agreement with Circle and Crypto.com, and a partnership with Standard Chartered Group to collaborate on digital asset initiatives.
Earlier in 2024, Hana Bank and local telecommunications giant SK Telecom partnered with BitGo to establish BitGo Korea, in which Hana owns a 25% stake.
Meanwhile, Dunamu is currently processing a merger-acquisition with Naver Financial, the financial services arm under Naver Group. The deal, when finalized, is expected to consolidate Upbit’s corporate structure within one of the country’s biggest technology groups.
Dunamu’s Upbit is the largest digital asset trading platform in South Korea, often dominating over 80% of the market share in trade volume. Upbit is currently ranked third on CoinMarketCap’s top crypto spot exchanges list, with over $1 billion in trading volume in the past day.
Major investments by mainstream financial institutions into crypto platforms in South Korea are occurring against the backdrop of the changing regulatory landscape. Local legislators and authorities are currently developing a comprehensive set of rules for crypto, named the Digital Asset Basic Act, which includes guidelines for local stablecoin operations.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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