- Hana Bank acquired a 6.55% stake, equivalent to 2.284 million shares, in Dunamu, the operator of Upbit.
- The acquisition, valued at nearly $670 million in an all-cash deal, is expected to close by June 15.
- Hana aims to expand its digital asset business through these investment plans.
South Korean banking giant Hana Bank is making a major push into the digital asset industry after approving a massive investment in Dunamu, the company behind the country’s largest cryptocurrency exchange, Upbit.
According to regulatory filings, Hana Bank’s board approved the acquisition of 2.284 million shares in Dunamu from Kakao Investment in an all-cash transaction valued at around 1.003 trillion Korean won, or nearly $670 million.
The deal is expected to close on June 15 and will give Hana Bank a 6.55% stake in Dunamu, making it the fourth-largest shareholder in the company.
Strategic Bet On Digital Assets
Hana Bank said the investment is aimed at strengthening its competitiveness in the evolving financial sector through strategic equity participation in the digital asset market.
The acquisition represents about 2.78% of Hana Bank’s total equity and is one of the largest investments made by a traditional South Korean bank into a crypto-related business.
Hana Continues Crypto Expansion
The latest investment adds to Hana Financial Group’s growing involvement in blockchain and digital asset businesses.
Earlier this year, Hana Card entered into partnerships with Circle and Crypto.com for USDC-focused marketing initiatives and digital asset services. The group has also partnered with Standard Chartered on blockchain-related projects.
In 2024, Hana Bank teamed up with digital asset custody firm BitGo and South Korean telecom giant SK Telecom to launch BitGo Korea, with Hana holding a 25% stake in the venture.
Dunamu Strengthens Market Position
The investment comes at a time when Dunamu continues expanding its influence in South Korea’s fintech and crypto sectors.
Reports suggest the company is also exploring deeper integration opportunities with Naver Financial, the financial arm of Naver Group, in a move that could further strengthen Upbit’s market position.
Industry observers view Hana Bank’s investment as another sign that traditional financial institutions are increasingly embracing digital assets despite ongoing regulatory scrutiny across global crypto markets.
Related: CLARITY Act Clears 15-9 Senate Vote as Bitcoin Rises to $82,000
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