South Korean analysts are continuing to debate the market value of Dunamu, the operator of the South Korean market-leading Upbit crypto exchange – as talk of the company seeking to make a listing bid on an American stock market intensifies.
As previously reported, industry insiders claim that Dunamu’s value is prohibitively high for domestic exchanges, and numerous insiders have claimed that interest in a Coinbase-style Nasdaq listing is real. The company has remained silent on the speculations and has previously failed to respond to Cryptonews.com requests for comments on the matter.
This week, Dunamu posted annual operating profits of USD 77.36m, up over 100% of 2020 figures, with consolidated net profits of USD 42.8m.
Per Yonhap, if Coinbase’s “net profit-to-market capital ratio is applied to Dunamu, the latter’s “estimated value would reach “about USD 11.4bn.”
But the news agency also quoted a KB Securities and a Samsung Securities researcher as calculating that Dunamu could reach an operating profit high of USD 900m to USD 988m this year, meaning that, per the Samsung Securities researcher, Dunamu’s valuation could reach up to USD 17.9bn.
Analysts also claimed that Bithumb, Upbit’s largest crypto exchange rival, might also make a good listing candidate – although the fact that the company is still up for sale could complicate matters on this front.
Regardless, the experts, as well a researcher at Daishin Securities, agreed that the Coinbase listing was likely to spur South Korean trading platforms into action,
And the news agency quoted an SK Securities researcher as stating,
“The Coinbase listing is a major milestone for the cryptocurrency market. It will be an important barometer for companies such as Dunamu in terms of listing on major global exchanges.”
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