[Market Focus] DeepMind Hits Upper Price Limit on News of Stablecoin Issuance

DeepMind hit the upper price limit.

On June 24, DeepMind surged 30% (1,050 won) immediately after the market opened, reaching the upper price limit of 4,550 won. The company also set a new 52-week high at the same time.

Recently, stocks related to stablecoins have shown strength amid expectations of stablecoins being incorporated into the institutional framework. DeepMind also stimulated investor sentiment by expanding its cryptocurrency business through the issuance of stablecoins.

DeepMind announced on this day that it recently issued the stablecoin "KRDT" on-chain, based on Ethereum (ETH), Base, and BNB Smart Chain (BSC), and also applied for a trademark for "KRDT" with the Korean Intellectual Property Office. DeepMind is also an affiliate of BitMax, which holds the largest amount of Bitcoin among listed companies in Korea.

The issuance of KRDT and the trademark application are interpreted as steps for DeepMind to transition into a full-fledged digital asset platform. Previously, on the previous day, DeepMind announced via electronic disclosure that it would issue convertible bonds (CB) worth 50 billion won and decided at an extraordinary general meeting of shareholders to raise the bond limit from 200 billion won to 1 trillion won. The funds raised through the issuance of these convertible bonds will be used for investments in other companies, including the acquisition of domestic and overseas digital asset exchanges. The company also plans to change its name from "DeepMind Platform" to "Satoshi Holdings."