<<KOSDAQ-listed companies that have adopted virtual asset accumulation as their financial strategy, known as DAT (Digital Asset Treasury) firms, have expanded their stock price gains since the second half of this year, escaping the delisting risk zone for "companies with insufficient market capitalization." The rebound in virtual assets has triggered buying interest in these stocks, pushing their market capitalizations above the minimum threshold.
On the 2nd, at the Korea Exchange, Bitmax closed trading at 2,155 won, up 65 won (3.11%) from the previous session, increasing its market capitalization to 30.8 billion won. The company declared itself a Bitcoin DAT in February of last year, becoming the first domestic firm to do so, and at one point in September of that year, it grew its market capitalization to 356.7 billion won. Its market capitalization, which had slipped to 15.1 billion won by the end of the first half of this year, surged 103.96% through the 2nd, significantly exceeding the minimum threshold for maintaining listing status (20 billion won) that took effect in the second half.
Another Bitcoin DAT stock, Bitplanet (closing price: 2,710 won; formerly SGA), has widened its gap from the delisting criteria. Its market capitalization, which stood at only 33 billion won at the end of the first half, has now jumped 93.30% to 63.8 billion won. The market capitalization of Parataxis Ethereum (closing price: 1,282 won; formerly Sinchewei), an Ethereum DAT stock, also increased by 8.83% in the second half, reaching 28.7 billion won on the 2nd.
Concerns over delisting subsided in mid-August when domestic and global virtual asset prices surged. This occurred around the time the U.S. Treasury Department expanded its long-term bond buybacks, boosting risk-on sentiment, and U.S. President Donald Trump urged the Senate to pass the CLARITY Act, which includes regulations for the virtual asset market.
As Bitcoin's price, which had been below $64,000, entered the $77,000 range by the end of that month on the back of liquidity and policy tailwinds, domestic and global DAT stocks rose in unison. With Bitcoin climbing into the $80,000 range last month, DAT stocks continue their upward trend.
Analysts in the securities industry also suggest that DAT stocks could enter a revaluation phase if capital gains tax on transfer and lending income is implemented in the domestic virtual asset market next year. If the government's plan to apply a capital gains tax rate equivalent to that for overseas stocks (22% including local taxes) to profits from virtual asset trading is carried out, demand for indirect investment in virtual assets may shift toward DAT stocks.
Hong Jin-hyun, a researcher at Samsung Securities, stated in a report on Bitplanet released the previous day, "While individuals who directly trade Bitcoin are subject to taxation, capital gains tax is not imposed on most retail investors' on-exchange trading of domestic stocks." He added, "It could be highlighted as an alternative investment vehicle for investors seeking to reduce their tax burden."
The Korea Exchange's decision last month to postpone by six months the planned re-elevation of the minimum market capitalization threshold, originally scheduled for January next year, is also cited as a positive factor for DAT stocks. It is assessed that the risk of DAT stocks immediately facing delisting crises has slightly decreased as the virtual asset market has turned bearish again. The exchange is pushing to eliminate ultra-small-cap stocks by raising the KOSDAQ minimum market capitalization threshold from 20 billion won to 30 billion won.
An industry official noted, "Domestic DAT stocks have higher average acquisition costs for virtual assets compared to overseas pioneers such as U.S.-based Strategy, making them relatively more vulnerable to financial damage during bearish phases in virtual assets." The official added, "It is necessary to verify whether individual listed companies are taking steps to ensure downside stability and to carefully review price forecasts for virtual assets."
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