For some time, the news is rotating around the cryptocurrency exchange Upbit from South Korea in terms of its listing on an American Stock Exchange. Ever since the reports started emerging surrounding Upbit planning to enlist Dunamu on the NASDAQ stock exchange, many South Koreans are making their own predictions.
For a while, South Korean analysts are constantly having debates about the price of the Dunamu stock. The argument is concerning how much would the Dunamu would be worth at the time of listing on the NASDAQ exchange.
Several companies and analyst from South Korea that has debated around the local price of Dunamu. Many have argued about the local price of Dunamu being higher as compared to the assets of other local cryptocurrency exchanges.
There are many analysts claiming that Upbit is indeed planning to get Dunamu enlisted on the NASDAQ Stock Exchange. The analysts claim that Upbit is following the footsteps of the second largest cryptocurrency exchange “Coinbase” in the world.
Recently, it was reported that Coinbase has enlisted its shares through the NASDAQ Stock Exchange. The reports suggest Coinbase did not go ahead with an Initial Public Offering (IPO), which is a common maneuver. Majority of the companies wanting to launch their shares on the stock exchanges first go with an Initial Public Offering (IPO).
The IPO tends to decide the public share price of the asset being offered by the particular platform. However, Coinbase has gone with a different approach, which is the direct public listing, where the shares go live from the very first day.
In this process, the NASDAQ or any other stock exchange reviews the transactions processed by the relevant company in a particular period to determine the price of its shares.
While reports continue to emerge around Upbit with respect to Dunamu, the exchange itself has kept completely quiet about the developments. Even when some of the crypto-reporting firms tried approaching the exchange officials, they seemed rather reluctant to comment on the situation.
Just recently, Dunamu went ahead and shared its annual earnings it was able to achieve in the year 2020. According to figures, the exchange had managed to achieve $77.36 million in operating profits. On the other hand, it managed to make $42.8 million in the form of consolidated net profits. The figures show that as compared to 2019, the exchange has experienced 100% growth in the year 2020.
Many analysts are speculating that despite the entire crisis, Bithumb may also consider getting enlisted through an international exchange such as the NASDAQ stock exchange.
If that happens, then Dunamu will have a worthy challenger from the local market that it will get the opportunity to overcome and prove its might.