Amid Coinbase Listing, Stocks of South Korean Companies Rally on KOSPI Exchange


Bitcoin Korea

Cryptocurrency exchange Coinbase is all set to list its COIN shares on Nasdaq ahead this month on April 14. The news has already created a major buzz in the global crypto community!

As per the latest Bloomberg report South Korean investors have now started piling the stocks companies having their association with crypto exchanges. Hanwha Investment & Securities Co, a broker having a minority stake in South Korean crypto exchange Upbit, has become the best performing stock on a year-to-date chart.

The stock of this company has gained more than 200% year-to-date. Interestingly, if we see the chart below, there’s a heavy accumulation over the last week, just at the time when Coinbase’s public listing confirmation arrived. Just in a week’s time, the Hanwha stock has shot up more than 100%.

Source: Google

The brokerage firm Hanwha own a minority 5.16% stake in Dunamu, that operates Upbit. The Bloomberg report notes:

“Hanwha Investment appears to be Koreas biggest beneficiary of the latest optimism on digital currencies, fueled by Coinbases move to directly list on Nasdaq and speculations that Dunamu can make a similar move as cryptocurrencies become more mainstream”.

Dunamu Aims for a Nasdaq Listing

As per the latest industry report, Dynamo is now eyeing for a possibly listing on the tech-heavy U.S. index Nasdaq. It is interesting to note that stocks of other shareholders in Dunamu has also shot up in recent times.

For e.g. Kakao Corp. has surged 38% and Woori Technology Investment Co. has gained about 140%. As per the regulatory filing both these companies have 8% stake in Dunamu.

Coinbase listing sets a new precedence in the cryptosphere and provides the necessary fuel for other crypto firms to go public. Besides, it also bridges the gap with Wall Street and traditional markets.

On other hand, the crypto investors’ activity in South Korean has picked up strongly over the last week with the return of the Kimchi premium. Currently, the BTC price on Korean exchanges has shot above $71,000.

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