Three Samsung subsidiaries have agreed to buy a 4% stake in Dunamu, the operator of South Korea’s largest cryptocurrency exchange Upbit, for a total of 612.8 billion won ($408 million), the Korea Herald reported.
Investment bank Samsung Securities is set to take a 2 percent stake in Dunamu in a 306 billion won cash deal from affiliates of technology conglomerate Kakao, according to a filing Thursday. It is joined by credit card provider Samsung Card and IT arm Samsung SDS, each taking a 1% stake, according to the Korea Herald.
The transactions, scheduled to close on June 19, mean Kakao will have sold approximately $1.5 billion worth of equity in Dunamu in less than a month. It sold a 6.55 percent stake for about 1 trillion won to Seoul-based financial institution Hana Bank about two weeks ago, followed by a 600 billion won stake to Hanwha Investment and Securities.
Like many tech giants, Kakao has made artificial intelligence an increasingly central part of its strategy through its “Kanana” AI models and partnerships with OpenAI. As the cryptocurrency market is in a persistent bearish mood, crypto is taking a back seat to AI for many large companies’ investment priorities.
Samsung, South Korea’s largest company, has been actively involved in the crypto industry for several years, having introduced its digital asset wallet in 2019.
Shares of Samsung Securities fell 2.7%, Samsung SDS fell 5% and Samsung Card fell 0.21% on Thursday. Kakao slipped 1%.
The companies had not responded to a request for comment from CoinDesk at the time of publication.
