Following the news of the U.S. Securities and Exchange Commission's (SEC) approval of 11 Bitcoin spot ETFs, South Korea's Kosdaq cryptocurrency-related stocks experienced a notable surge. While no Korean cryptocurrency company has been listed on a local exchange, some public firms are associated with cryptocurrency interests. On January 11, venture capital firms holding shares in major South Korean cryptocurrency exchanges witnessed significant market gains.
Woori Technology Investment, a venture capital firm with stakes in Upbit operator Dunamu, saw its shares rise by nearly 30% to a 12-month high on the mentioned date. Similarly, shares of Hanwha Investment & Securities, another investor in Dunamu, also spiked by 30% following the news of the U.S. ETF approval. T Scientific, an investor in Bithumb Korea, the operator of Bithumb and a major competitor to Upbit, experienced a share increase of over 20%. Wizit, the parent company of T Scientific, observed a notable surge of 29.89%. Bithumb Korea has announced plans to list on a Korean exchange in 2025 and aims for a robust share price to support its objectives.
Several other blockchain and cryptocurrency-related companies witnessed positive momentum in the market. Daesung Private Equity, which launched the $83 million Metaverse Fund in late 2022, experienced a notable gain of 29.93%. Atinum Investment, which led a $6.5 million Series A investment in Team Blackbird, operator of CryptoQuant, saw a 15.43% increase. In the broader blockchain and fintech sector, companies like Galaxia MoneyTree recorded more modest gains, with increases exceeding 7%.
During the 2021 bull run, South Korean market analysts speculated that Dunamu could follow Coinbase to the New York Stock Exchange. Predictions suggested that Dunamu might raise $17.9 billion in a U.S. IPO. However, as the crypto market entered a downturn, discussions about the IPO cooled.
