The upcoming Nasdaq itemizing of Coinbase Global Inc. has fueled a frenzy amongst Korea buyers to pile into the nation’s cryptocurrency shares, making a dealer with a minority stake in an area crypto alternate the best-performing giant inventory year-to-date.
Hanwha Investment & Securities Co. has gained greater than 210% thus far this yr, the perfect efficiency amongst Kospi shares with greater than $1 billion in market worth. The brokerage owns a 6.15% stake in Dunamu, which operates the main South Korean crypto alternate Upbit, based on its regulatory submitting in February.
No less than for now, Hanwha Funding seems to be Korea’s largest beneficiary of the newest optimism on digital currencies, fueled by Coinbase’s transfer to immediately listing on Nasdaq and speculations that Dunamu could make the same transfer as cryptocurrencies develop into extra mainstream.
The Herald Enterprise Newspaper reported on Mar. 30 that Dunamu is exploring a potential itemizing on the Nasdaq. Later in the identical week, Coinbase, the biggest U.S. cryptocurrency alternate, set the date for its buying and selling debut to April 14. Since March, Hanwha Funding’s shares have greater than doubled.
Different shareholders in Dunamu have additionally soared this yr. Woori Technology Investment Co. has surged about 140% whereas Kakao Corp. has gained 38%. Every holds about an 8% stake in Dunamu, based on the crypto alternate operator’s newest regulatory submitting.