[Click e-Stock] "Digital Assets Are a 'Predetermined Future'... Naver Is the Top Pick"

Global Digital Asset Market Already Entering the Regulatory Sphere
"Business Diversification Expected with Naver Financial and Dunamu Merger"

On January 26, Hana Securities described Naver as "the top pick among digital asset and internet sector stocks," and recommended "increasing portfolio weight up to the target price of 350,000 won without hesitation."

On this day, Lee Junho, a researcher at Hana Securities, stated, "If there is profit-taking after last week's rally, it will present a clear buying opportunity," expressing this view.

On January 23, the share prices of companies related to digital assets surged indiscriminately. Kakao Pay, Hecto Financial, NHN KCP, Danal, and Me2on hit the daily upper limit, while Thezen, Kookon, and Finger rose by more than 20%. Naver and LG CNS saw increases of over 8%.

Institutionalization and Business Expansion Accelerate, 'Sorting the Wheat from the Chaff' Begins in Earnest

Regarding the background of this surge, researcher Lee explained, "The ruling party's Digital Asset Basic Act is scheduled to be proposed next month, and the role of digital asset-related companies is coming to the forefront as the KOSDAQ aims to surpass 3,000 points." He also pointed out, "In June last year, when discussions on the Korean won stablecoin began, all related companies experienced a surge." He further noted, "As institutionalization in Korea is imminent, there is a high possibility that the entire sector will rise in anticipation."

The digital asset market is already entering the regulatory sphere. In particular, developments in the United States are active. Lee stated, "Visa has expanded its USDC (USD Coin) settlement program using the Solana blockchain, establishing a 24/7, 365-day settlement system." He continued, "The New York Stock Exchange has announced plans to develop a tokenized securities platform, and the US Depository Trust & Clearing Corporation and Nasdaq are also preparing tokenized stocks for commercial launch in the second half of the year."

He added, "The Genius Act, which passed in the United States last July, is scheduled to be fully implemented by January 18 next year at the latest, or as early as the second half of this year." He also mentioned, "The Clarity Act was scheduled for Senate discussion in mid-January, but it has been delayed due to opposition from Coinbase and conflicts of interest regarding the regulations."

"Naver, the Strongest Digital Asset Player with Distribution Competitiveness"

In Korea, Naver's competitiveness stands out. Researcher Lee stated, "If the Digital Asset Basic Act, scheduled to be proposed next month, concludes that banks will not be the main issuers of stablecoins, we recommend a short-term overweight in fintech companies related to digital assets." He added, "However, we continue to believe that distribution competitiveness is the key, and Naver and Kakao, which possess this strength, will prove it through actual business execution."

He analyzed, "Unlike traditional finance, financial infrastructure being reorganized around digital assets does not require a multitude of stakeholders. Companies that can provide services at the closest point to users, have fintech capabilities, and possess blockchain infrastructure (including cryptocurrency exchanges) will have an advantage."

Researcher Lee predicted that if Naver completes its merger with Naver Financial and Dunamu, it will become the largest blockchain company in Korea. On November 28 last year, the Fair Trade Commission began its review process for the merger, and many expect the results to be announced by March.

He stated, "The revenue structure of Upbit, the cryptocurrency exchange operated by Dunamu, is currently centered on brokerage fees (over 96%), but this will diversify. For example, at Coinbase, the largest exchange in the United States, retail fees accounted for about 45% of revenue in the third quarter, with significant growth potential in areas such as institutional fees, stablecoin distribution revenue, staking, and other services."