The effects of South Korea’s crypto frenzy seem to be spreading beyond the cryptocurrency market to affect stock prices in the country’s stock exchange.
According to a report by Bloomberg on Wednesday, Hanwha Investment & Securities Co. has seen its stock price almost triple since the start of the year.
Indeed, at the time of writing, Hanwha Investment is trading at 6,550 Korean won per share, which constitutes a 197% stock price gain year-to-date.
This almost-200% share price increase puts Hanwha Investment as the best performing of the companies in the Korea Composite Stock Price Index.
Hanwha Investment’s bullish share price growth is likely tied to the company’s crypto association. The financial investment service provider holds a minority stake in Dunamu — operators of the Upbit cryptocurrency exchange.
Upbit, along with Korbit, Bithumb and Coinone are collectively known as the “big four” crypto exchanges in South Korea, controlling a major share of the country’s cryptocurrency trading activity.
The crypto causality case for Hanwha Investment’s share