As a seasoned financial analyst with extensive experience in South Korea and the global market, I find Woori Technology Investment’s decision to sell its stake in Dunamu intriguing. With my roots deeply embedded in the Korean financial landscape, I have witnessed numerous transformations, including the surge of cryptocurrencies and blockchain technology.
Woori Technology, a shareholder of Dunamu for nearly a decade, intends to part ways, triggered by the unsuccessful coup attempt in South Korea.
According to South Korean news outlet Bloter, it appears that Woori Technology Investment, a venture capital firm based in South Korea, might be considering selling its ownership in Dunamu, the organization that oversees cryptocurrency exchange Upbit, after nine years.
Without revealing the specific sales price, talks indicate it might surpass the present worth of shares traded over-the-counter, potentially yielding 100 times that amount or higher. This transaction is anticipated to take place through a block deal, a process where significant shareholders transfer stocks either before or after trading hours to prevent influencing market prices.
As per the latest financial reports submitted to South Korea’s Financial Supervisory Service, Woori owns approximately 7.22% of Dunamu. At current market prices, this stake is estimated to be worth around 425.3 billion KRW or over $300.7 million USD.
In 2015, Woori first purchased a stake for 5.5 billion Korean Won, resulting in an impressive return of around 73-fold. As per the recent Q3 report, the current value of that stake is estimated at an astonishing 593.9 billion KRW – a staggering 108 times the initial investment. The company is reportedly contemplating courting international investors because it has been finding it challenging to secure funds from domestic sources due to regulatory limitations.
As a crypto investor, I find myself considering a sale after a thwarted coup attempt in South Korea. The country’s president, Yoon Suk Yeol, reacted by declaring martial law following allegations of pro-North Korean sentiments among parliament members. However, the National Assembly quickly overturned this declaration, effectively rescinding the martial law within a short span.
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2024-12-04 14:55