HYBE to Transfer ₩378.2 Billion Dunamu Stake to U.S. Subsidiary

HYBE has approved the transfer of its entire investment in South Korean financial technology company Dunamu to its wholly owned American subsidiary, HYBE Americas, in a transaction valued at approximately ₩378.2 billion.

According to a corporate disclosure issued on October 27, HYBE’s board approved transferring 861,004 Dunamu shares, representing approximately 2.47% of the company’s outstanding stock.

The transaction carries an assigned value of ₩378,197,729,008, equivalent to approximately 10.65% of HYBE’s reported equity.

Rather than selling the shares to an outside investor, HYBE will contribute its Dunamu investment to HYBE Americas in exchange for newly issued shares of the American subsidiary.

The arrangement is an internal transfer of investment assets, meaning HYBE will retain indirect ownership of the Dunamu stake through its existing corporate structure.

HYBE described the decision as part of an effort to establish a more efficient system for managing investment assets across its international operations.

The transfer is scheduled for November 30, subject to regulatory procedures and other required conditions. Its completion date may change.

HYBE originally acquired its Dunamu shares in 2021 for approximately ₩500 billion as the two companies pursued opportunities involving digital collectibles and blockchain-based entertainment services.

Dunamu, which operates South Korea’s Upbit cryptocurrency exchange, subsequently partnered with HYBE on digital collectible initiatives.

Their joint venture introduced Momentica in 2022, offering digital photo collectibles associated with participating HYBE artists.

However, the service discontinued operations in July 2025.

The value assigned to HYBE’s Dunamu investment in the new transaction is approximately ₩121.8 billion below its reported original acquisition cost.

That difference does not establish a newly realized investment loss. Because HYBE is contributing the shares to its own subsidiary rather than selling them externally for cash, the transaction changes where the investment is held within the group.

The restructuring also comes ahead of a planned comprehensive share exchange involving Dunamu and Naver Financial, currently scheduled for March 2027.

If that proposed exchange is completed under the disclosed arrangement, HYBE Americas would hold Naver Financial shares in place of its Dunamu investment.

Neither the internal transfer nor the subsequent share exchange has been completed.

The transaction represents a significant change in how HYBE manages a substantial financial asset, placing the investment within its American business structure as the entertainment company continues expanding its international operations.