HYBE is transferring all of its shares in Dunamu, the operator of South Korean crypto exchange Upbit, to its US subsidiary, HYBE Americas.

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.

HYBE will contribute the shares in kind, receiving 285,583,122 newly issued shares in HYBE Americas Inc. in exchange, rather than cash.

The Dunamu transfer follows HYBE’s approval in March of a $100 million capital injection into the same subsidiary, then called HYBE America Inc.

HYBE’s board approved the Dunamu transfer on October 27.

The latest filing values each Dunamu share at KRW 439,252.

The new HYBE Americas shares will be…