Three Samsung subsidiaries agreed to buy a 4% stake in Dunamu, the operator of South Korea’s largest cryptocurrency exchange Upbit, for a total of 612.8 billion won ($408 million), the Korea Herald reported.
Investment bank Samsung Securities will acquire a 2% stake in Dunamu in a 306 billion won all-cash transaction from affiliates of technology conglomerate Kakao, according to a filing on Thursday. It is joined by credit card provider Samsung Card and IT arm Samsung SDS, each with a 1% stake, according to the Korea Herald.
The deals, scheduled to close on June 19, mean Kakao will have sold around $1.5 billion of Dunamu shares in less than a month. It sold a 6.55% stake for about 1 trillion won to Seoul-based financial institution Hana Bank about two weeks ago, followed by a 600 billion won stake to Hanwha Investment and Securities.
Like many tech giants, Kakao has made artificial intelligence an increasingly central part of its strategy through its “Kanana” AI models and partnerships with OpenAI. With the cryptocurrency market in a sustained bearish mood, cryptocurrencies are taking a back seat to AI in the investment priorities of many major companies.
Samsung, South Korea’s largest company, has been active in the crypto industry for several years and introduced its digital asset wallet in 2019.
Samsung Securities shares fell 2.7%, Samsung SDS fell 5% and Samsung Card gained 0.21% on Thursday. Kakao fell 1%.
The companies had not responded to a request for comment from CoinDesk at the time of publication.
