It has emerged from SEC filings that Korea’s Hanwha Group is by far the largest investor in tokenization firm Securitize, which listed on the New York Stock Exchange on 2 July following a SPAC merger. Securitize is best known as the platform behind BlackRock’s BUIDL tokenized money market fund, but has also been involved in deals with several high profile asset managers.
The Hanwha Group holds a 9.7% stake spread over several group entities, followed by Blockchain Capital with a 6.1% interest, CEO Carlos Domingo with 5.4% and Morgan Stanley with 5%. Securitize raised $400 million as part of the SPAC deal at a $1.25 billion pre money valuation. However, the stock price has declined giving the company a market capitalization of $1.06 billion. All existing Securitize shareholders are locked up following the merger, and Hanwha has indicated it will decide whether to sell once its shares become eligible under SEC rules later this year.
The Korean organization has a long held interest in tokenization, first investing $5 million in Singapore’s iStox (now ADDX) in 2020. This year it has made numerous investments, including Won 30 billion ($20.2m) in Digital Asset as part of the company’s $355 million fundraise, with Hanwha exploring use cases on the Canton Network.
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