[Asia Economy Reporter Hyunseok Yoo] Woori Technology Investment is on a continuous rise. It appears that the analysis suggesting Dunamu could be valued at a minimum of 10 trillion KRW if it lists on the U.S. stock market has had an impact.
As of 1:52 PM on the 22nd, Woori Technology Investment was trading at 7,590 KRW, up 3.97% (290 KRW) compared to the previous trading day.
At last month's shareholders' meeting, Dunamu resolved to grant stock options equivalent to 10% of the annual salary to 186 executives and employees. This led some to interpret that preparations for an initial public offering (IPO) might have begun.
Choi Seonghwan, Chief Researcher at Research Alom, explained in a recent report, "Regarding the IPO of Coinbase, the number one 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 top U.S. coin exchange planning an IPO, proves a value of 100 trillion KRW, Upbit, which surpasses Coinbase's trading 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 Research Alom, Upbit holds more than 70% of the domestic cryptocurrency trading volume. Recently, the total daily trading amount of domestic cryptocurrencies reached 16.6947 trillion KRW. Since 2015, Woori Technology Investment has purchased an 8.03% stake in Dunamu for 5.6 billion KRW.
He stated, "Coinbase recorded sales of 1.45 trillion KRW and operating profit of 464 billion KRW last year," adding, "The industry estimates that its corporate value will reach 100 trillion KRW upon listing on NASDAQ." Furthermore, he noted, "If Dunamu's corporate value is re-evaluated at around 10 trillion KRW after Coinbase's listing, the value of the shares held by Woori Technology Investment would amount to 800 billion KRW."
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