South Korean Crypto-related KOSDAQ Stocks Soar on Bitcoin ETF News
South Korean crypto-related KOSDAQ stocks “soared” on the news of the US Securities and Exchange Commission (SEC)’s approval of 11 Bitcoin spot ETFs.
No South Korean crypto firm has yet floated on the Korean Exchange. However, several listed companies have crypto-related interests.
Kangwon Domin Ilbo reported that venture capital firms with stakes in big South Korean crypto exchanges were the biggest winners in the market on January 11.
These include Woori Technology Investment, which saw its price rise almost 30% to a 12-month high on January 11.
Hanwha Investment & Securities also posted a 30% day-on-day share price rise after the American ETF news broke.
Both firms own shares in Dunamu, the operator of Upbit. The latter is South Korea’s largest virtual currency exchange by revenue and trading volume.
Another crypto exchange investor, T Scientific, posted a share price rise of over 20% on the same day.
The firm’s parent company Wizit also witnessed a 29.89% rise. T Scientific owns a stake in Bithumb Korea, the operator of the crypto exchange Bithumb, Upbit’s closest rival.
Read more on cryptonews.com
