Dunamu share value triples in OTC market amid altcoin boom

Dunamu’s over-the-counter stock price has tripled over the past year, fueled by expectations of an altcoin bull market and new business drivers, market watchers said Tuesday.

According to Stockplus Unlisted, an unlisted stock trading platform launched by Dunamu in November 2019, Dunamu’s share price stood at 301,000 won ($216.42) on Tuesday.

Although it pulled back after briefly rising to this year’s high of 319,000 won on Monday, the stock has more than tripled over the past year, having traded in the 100,000 won range last August.

Dunamu’s stock reached an all-time high of 540,000 won at the end of 2021 during the peak of the crypto boom, but fell below 300,000 won the following year. Amid the prolonged downturn, it hovered in the 100,000 won range until it began rebounding this June.

The surge has been fueled by ethereum repeatedly setting all-time highs. The leading altcoin surged past the $4,900 mark for the first time on Monday and is now charging toward the $5,000 milestone.

For domestic exchanges, the altcoin bull market presents a major opportunity to boost revenue through increased trading fees, as many retail investors favor the high volatility of altcoins.

Optimism surrounding Dunamu’s new business ventures — including the expansion of its corporate client base and a Korean won-pegged stablecoin — has also added to the stock’s momentum.

Upbit, its cryptocurrency exchange subsidiary, has signed up 100 corporate clients as of Aug. 16 and recently drew notice by launching a new custody service tailored to serve them.

Dunamu also recently entered the Korean won-pegged stablecoin market through a strategic partnership with Naver Pay, combining its digital asset infrastructure and ample liquidity with Naver Pay’s payment network and broad customer base.

"Considering Dunamu’s influence in the domestic market and its cryptocurrency holdings, its current market capitalization (of about 11 trillion won) appears undervalued," said an industry official, noting that Dunamu holds 16,723 bitcoin and 9,091 ethereum as of the second quarter this year.