Samsung Securities, along with Samsung Card and Samsung SDS, has agreed to purchase a 4% stake in Dunamu, the operator of South Korea's largest cryptocurrency exchange Upbit, for 612.8 billion won ($408 million). Samsung Securities will acquire a 2% stake worth 306 billion won from Kakao affiliates. The transaction, set to complete on June 19, marks the latest in a series of stake sales by Kakao, which has now offloaded approximately $1.5 billion worth of Dunamu equity in less than a month. This follows a 6.55% stake sale to Hana Bank and a 600 billion won stake sale to Hanwha Investment and Securities. Samsung has been involved in crypto since 2019 with its digital asset wallet. Meanwhile, Kakao is shifting focus toward AI, developing its "Kanana" AI models and partnering with OpenAI, as the cryptocurrency market experiences a sustained bearish phase. As a result, crypto investments are taking a backseat to AI for many major companies.

Key facts

• Samsung affiliates to buy 4% of Dunamu for $408 million.
• Samsung Securities takes 2% stake for $200 million.
• Kakao sold about $1.5 billion in Dunamu equity in less than a month.
• Samsung has been active in crypto since 2019 with a digital asset wallet.
• Kakao shifts focus to AI amid bearish crypto market.