Key Takeaways
- • Dunamu, operator of the Upbit virtual asset exchange, has set up an investment holding company, Dunamu Central, to take over its non-core investment assets, with finance head Baek Dongho named CEO of both Dunamu Central and Dunamu USA.
- • Dunamu's non-core investments totaled 1.7 trillion won in the first half of the year, including 653.7 billion won in entertainment and content IP (including a HYBE stake) and 206.7 billion won in areas such as VIVER and financial company stakes.
- • The restructuring resembles Bithumb's 2025 transfer of non-exchange assets to Bithumb Asset, but the stated objectives and challenges differ, according to Asia Business Daily.
- • Dunamu & Partners holds 60% of its assets in Bitcoin (52.3%) and cash (9.3%), with venture investments at only 37.8%, well below peers such as Kakao Ventures, Korea Investment Partners and KB Investment.
Summary
Dunamu, which operates the virtual asset exchange Upbit, has begun restructuring its governance by establishing an investment holding company, according to Asia Business Daily. Per the report, the virtual asset industry indicated on October 27 that Dunamu recently established Dunamu USA in the United States to acquire and manage stakes in U.S. companies. Dunamu USA is a subsidiary of Dunamu Central, which was established earlier to make investments in Korea and abroad. Baek Dongho, head of finance at Dunamu, has been named CEO of both companies.
Dunamu currently makes non-core investments together with its affiliates, and Dunamu Central is likely to take over these assets. Its stated business purposes include investing in, managing and disposing of shares, debentures, securities and bonds issued by domestic and overseas companies, brokering mergers and acquisitions, and providing management consulting. The report said Dunamu Central could serve as an investment holding company that manages strategic M&A and subsidiaries under Dunamu's control.
Dunamu's non-core investments totaled 1.7 trillion won in the first half of the year. Real estate holdings include land near Mirim Tower in Gangnam, Seoul, acquired in 2021, with book value rising from 323.5 billion won to 654.8 billion won. Indirect real estate exposure through REITs and real estate funds totaled 162.7 billion won. Entertainment and content IP investments, including a stake in HYBE, amounted to 653.7 billion won, while VIVER, a luxury watch trading platform, and financial company stakes totaled 206.7 billion won. Dunamu also operates the in-house venture capital firm Dunamu & Partners and asset manager Dunamu Investment Management.
The article compares the move with Bithumb's spin-off last year, in which Bithumb transferred non-exchange investments and affiliate stakes to Bithumb A, now Bithumb Asset. Asia Business Daily characterizes Dunamu's aim as separating its exchange from non-exchange assets as part of a capital allocation effort. Bithumb's move has been interpreted as preparation for an IPO, to keep losses at non-core subsidiaries, such as Asia Estate (a 5.6 billion won net loss before transfer) and Bithumb Partners, from weighing on valuation, or as groundwork for a possible investment in or acquisition of Bithumb. Bithumb Asset, led by former Bithumb Holdings Chairman Lee Jeonghun, received current assets of about 350 billion won, including 320 billion won in other deposits.
The report identifies different challenges for Dunamu. Dunamu & Partners received 185 billion won in paid-in capital from Dunamu between 2021 and 2025, yet its asset structure is unusual: as of last year, Bitcoin (52.3%) and cash (9.3%) made up most of its assets, while venture investments accounted for 37.8%. Peers such as Kakao Ventures, Korea Investment Partners and KB Investment hold 80% to 90% in venture investments. Critics quoted by the article question whether the firm is simply parking money from Dunamu. Dunamu will need to improve the operating performance of its investment affiliates' core businesses.
The article also notes that Bithumb was not selected by investors in the financial sector's competition this year to acquire stakes in virtual asset exchanges, and that it now needs to attract financial investors.
Dunamu currently makes non-core investments together with its affiliates, and Dunamu Central is likely to take over these assets. Its stated business purposes include investing in, managing and disposing of shares, debentures, securities and bonds issued by domestic and overseas companies, brokering mergers and acquisitions, and providing management consulting. The report said Dunamu Central could serve as an investment holding company that manages strategic M&A and subsidiaries under Dunamu's control.
Dunamu's non-core investments totaled 1.7 trillion won in the first half of the year. Real estate holdings include land near Mirim Tower in Gangnam, Seoul, acquired in 2021, with book value rising from 323.5 billion won to 654.8 billion won. Indirect real estate exposure through REITs and real estate funds totaled 162.7 billion won. Entertainment and content IP investments, including a stake in HYBE, amounted to 653.7 billion won, while VIVER, a luxury watch trading platform, and financial company stakes totaled 206.7 billion won. Dunamu also operates the in-house venture capital firm Dunamu & Partners and asset manager Dunamu Investment Management.
The article compares the move with Bithumb's spin-off last year, in which Bithumb transferred non-exchange investments and affiliate stakes to Bithumb A, now Bithumb Asset. Asia Business Daily characterizes Dunamu's aim as separating its exchange from non-exchange assets as part of a capital allocation effort. Bithumb's move has been interpreted as preparation for an IPO, to keep losses at non-core subsidiaries, such as Asia Estate (a 5.6 billion won net loss before transfer) and Bithumb Partners, from weighing on valuation, or as groundwork for a possible investment in or acquisition of Bithumb. Bithumb Asset, led by former Bithumb Holdings Chairman Lee Jeonghun, received current assets of about 350 billion won, including 320 billion won in other deposits.
The report identifies different challenges for Dunamu. Dunamu & Partners received 185 billion won in paid-in capital from Dunamu between 2021 and 2025, yet its asset structure is unusual: as of last year, Bitcoin (52.3%) and cash (9.3%) made up most of its assets, while venture investments accounted for 37.8%. Peers such as Kakao Ventures, Korea Investment Partners and KB Investment hold 80% to 90% in venture investments. Critics quoted by the article question whether the firm is simply parking money from Dunamu. Dunamu will need to improve the operating performance of its investment affiliates' core businesses.
The article also notes that Bithumb was not selected by investors in the financial sector's competition this year to acquire stakes in virtual asset exchanges, and that it now needs to attract financial investors.
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