From Music Business Worldwide · · 1m 40s
HYBE Moves $285.6M Crypto Stake to US Subsidiary
HYBE transfers $285.6M Dunamu stake to US subsidiary HYBE Americas.
In brief
HYBE transfers $285.6M Dunamu stake to US subsidiary HYBE Americas. HYBE moves all Dunamu shares to its US subsidiary HYBE Americas in exchange for 285.583 million new shares, completing the transfer by November 30. Originally reported by Music Business Worldwide.
HYBE Transfers Dunamu Shares
HYBE is transferring all of its shares in Dunamu, the operator of South Korean crypto exchange Upbit, to its US subsidiary HYBE Americas.
Share Valuation Details
The 861,004 Dunamu shares are valued at KRW 378.2 billion (approximately USD $285.6 million) in a filing published on South Korea’s DART disclosure system on October 27.
Exchange Mechanism
HYBE will contribute the shares in kind, receiving 285,583,122 newly issued shares in HYBE Americas Inc. in exchange, rather than cash.
Previous Capital Injection
The Dunamu transfer follows HYBE’s approval in March of a $100 million capital injection into the same subsidiary, then called HYBE America Inc.
Board Approval Timeline
HYBE’s board approved the Dunamu transfer on October 27, with HYBE Americas’ board approving the share issue on October 26.
Share Value and Exchange Rate
The latest filing values each Dunamu share at KRW 439,252, with new shares issued at $1.00 each using the exchange rate of KRW 1,324.30 per US dollar on October 26.
Completion Date and Conditions
The transfer is scheduled to complete on November 30, subject to Bank of Korea approval and HYBE Americas amending its articles of incorporation.
Indirect Ownership After Transfer
After the transfer, HYBE will no longer hold any Dunamu shares directly but retain an indirect holding through its wholly owned subsidiary.
The takeaway
HYBE moves all Dunamu shares to its US subsidiary HYBE Americas in exchange for 285.583 million new shares, completing the transfer by November 30.
