[Click eStock] "Woori Technology Investment, Dunamu's US Stock Market Listing Valued at 10 Trillion Won"

[Asia Economy Reporter Hyungsoo Park] ResearchAlum analyzed on the 16th that it is necessary to pay attention to Hanwha Investment & Securities and Woori Technology Investment in relation to Coupang's listing on the New York Stock Exchange and surpassing a market capitalization of 100 trillion won.

Choi Seonghwan, Chief Researcher at ResearchAlum, explained, "Regarding the IPO of Coinbase, the No.1 coin exchange in the U.S., the corporate value of Dunamu, the operator of Upbit, will also be re-evaluated."

He added, "If Coinbase, the No.1 coin exchange in the U.S. scheduled for IPO, proves a value of 100 trillion won, Upbit, which is surpassing Coinbase's transaction volume, is likely to be valued at at least one-tenth of that."

He emphasized, "This is why attention should be paid to Hanwha Investment & Securities and Woori Technology Investment, which hold shares in Dunamu, the operator of Upbit."

According to ResearchAlum, Upbit occupies more than 70% of the domestic cryptocurrency transaction volume. Recently, the total daily transaction amount of domestic cryptocurrencies reached 16.6947 trillion won.

Researcher Choi emphasized, "As of March 14, Upbit's daily transaction volume is about 14 trillion won," and "this is more than a sevenfold increase compared to the average daily 1 to 2 trillion won maintained last year." He analyzed, "Applying Upbit's basic fee rate of 0.05%, Dunamu is estimated to have earned about 7 billion won in fees per day."

Hanwha Investment & Securities purchased a 6.15% stake in Dunamu from Qualcomm for 58.3 billion won in February this year. At the time of the stake purchase, the corporate value was evaluated at about 1 trillion won. Woori Technology Investment has purchased an 8.03% stake in Dunamu for 5.6 billion won from 2015 to the present.

Researcher Choi said, "Coinbase recorded sales of 1.45 trillion won and operating profit of 464 billion won last year," and "the industry estimates that its corporate value will reach 100 trillion won upon listing on NASDAQ." He added, "If Dunamu's corporate value is re-evaluated at around 10 trillion won after Coinbase's listing, the value of the shares held by Woori Technology Investment will reach 800 billion won."

Researcher Choi said, "When Dunamu pursues a U.S. listing, where listing requirements are less stringent and fundraising is easier, a valuation of about 10 trillion won is possible," and "since domestic cryptocurrency transaction volume has surged this year, a valuation at one-tenth the level of Coinbase is considered reasonable."

This content was produced with the assistance of AI translation services.