Investment in Kakao, Atinum, DSC Inve, Woori Technology, etc… Expecting profits up to 10 times
[팍스넷뉴스 김가영 기자] As the news that Dunamu, which operates the virtual asset exchange Upbit, will be listed on the US stock market, major shareholders of Dunamu are laughing.
Earlier, on the 31st, it was reported that Dunamu is promoting listing on the NASDAQ and the New York Stock Exchange (NYSE). Initially, it was aimed at listing in Korea, but there was a judgment that if it was listed on the US stock market, the ransom could be raised.
The industry estimates the corporate value of Dunamu at around 1 trillion won, but if listed on Nasdaq, it is expected to reach 10 trillion won.
Currently, the shares of Dunamu are Chairman Chi-Hyung Song (26.8%), Vice President Kim Hyung-nyeon (14.3%), K Cube 1 Venture Investment Association (11.7%), Kakao Youth Startup Fund (2.7%), Kakao (8.1%), and Woori Technology. Investment (8.03%), Atineum Investment (7.0%), Hanwha Investment & Securities (6.15%), and DSC Investment (0.6%) are in the possession.
Kakao owns only 8.1%, but if Kakao subsidiary K Cube 1 Ventures Investment Association 11.7% and Kakao Youth Startup Fund 2.7% are included, it can be considered a total of 21.3%. In fact, Kakao is the second largest shareholder after Chairman Song.
Hanwha Investment & Securities bought a 6.15% stake in Dunamu from Qualcomm in February for 58.3 billion won. At the time, the corporate value of Dunamu was estimated to be around 1 trillion won, but according to the prospect that it would jump to 10 trillion won by listing on the US stock market, Hanwha Investment & Securities was able to collect 10 times the valuation gain in just one month after purchasing the stake.
In addition, Woori Technology Investment has purchased an 8.03% stake in Dunamu from 2015 to present for 5.6 billion won, and DSC Investment acquired 0.3% of the 6.35% stake held by Atinum Investment in February, giving a total of 0.6%. I got to hold it.
When the ransom of Dunamu is calculated as 10 trillion won, Kakao has a total of 2.3 trillion won, including friendly interests, Woori Technology Investment at least 800 billion won, Atineum Investment at least 700 billion won, Hanwha Investment & Securities 600 billion won, DSC Investment. Is estimated to hold a stake worth W60bn.
Dunamu is known to be in discussions with foreign securities companies such as Credit Switzerland (CS) and Goldman Sachs with the goal of listing on the US stock market by 2023. Based on the overall results of 2021 and the half year of 2022, it will promote listing on the NYSE stock market in the second half of 2022 and complete the listing by 2023. Dunamu said, “All possibilities are open and under review.”
Earlier, Coinbase, a large U.S. virtual asset exchange, received direct approval for listing on NASDAQ from the Securities and Exchange Commission (SEC) on the 1st, and until recently, it was evaluated for over 100 trillion won in corporate value in over-the-counter transactions. Currently, Coinbase has 43 million users in more than 100 countries. Last year’s sales amounted to $1.3 billion (about 1.47 trillion won) and operating profit of $410 million (about 460 billion won).
Douna’s performance has not yet reached Coinbase. Last year, the sales of Dunamu were 166.8 billion won, the operating profit was 95.2 billion won, and the net profit for the year was 52.2 billion won. However, with the recent outbreak of the virtual asset investment craze, it is predicted that Dunamu will record an’earning surprise’ this year. Since February, Upbit has been trading more than 10 trillion won every day. Accordingly, the industry estimates that the sales in the first quarter of Dunamu will reach 460 billion won, which is more than last year’s total sales. Currently, Upbit’s membership number is about 3 million, but if the virtual asset transaction reaches the institutional zone, the transaction volume and number of members may increase further.
Doonamu’s subsidiary business is also likely to gain momentum and be reflected in the valuation. Doonamu & Partners, a wholly owned subsidiary of Doonamu, recently sold the virtual asset Luna (LUNA), which was invested in 2018, and enjoyed a profit of 100 billion won. Another subsidiary, Lambda 256, has attracted 17 billion won worth of Series A investment until recently.
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