[Asia Economy Reporter Ji Yeon-jin] Hanwha Investment & Securities preferred shares have recorded a stock price increase of over 700% in the past month. This is interpreted as reflecting the anticipation of the listing of a domestic cryptocurrency exchange invested in by Hanwha Investment & Securities, following the successful listing of the U.S. cryptocurrency exchange Coinbase on the Nasdaq market in the United States.
According to the Korea Exchange on the 16th, Hanwha Investment & Securities preferred shares surged 764.26% in the past month. The stock price, which was only 4,015 KRW on the 15th of last month, began to rise from the 30th of the same month and recorded the upper price limit six times in the recent fifteen days. On this day, Hanwha Investment & Securities preferred shares opened down 4.76% compared to the previous day but rebounded within three minutes and were up 3.46% at 9:28 AM. The exchange warned that if the closing price on this day rises compared to the previous day (34,700 KRW), trading will be suspended for one day on the 19th.
In February, Hanwha Investment & Securities acquired approximately 6.15% of the shares of Dunamu, which operates the cryptocurrency exchange Upbit and the stock trading platform Securities Plus. Dunamu, a fintech company established in 2012, also received equity investments from companies such as Kakao (7.7%), Woori Technology Investment (7.6%), and Qualcomm (6.6%) as of the end of last year. Woori Technology Investment, a KOSDAQ-listed company, surged 143.16% during this period, and Kakao also rose 26% in the month leading up to the 9th, before its stock split.
In the securities industry, it is viewed that the recent skyrocketing price of Bitcoin and Coinbase’s status as the first U.S. cryptocurrency exchange to be listed on the stock market have increased the value of these Dunamu-invested companies. Dunamu is also expected to pursue a listing on the U.S. stock market.
Meanwhile, on its first day of listing on the 14th (local time), Coinbase’s stock price soared to $429.54 during trading on the Nasdaq market but closed at $328.28, down 21.18% from the previous day.
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