Korean entertainment company Hybe that handles the K-Pop group BTS has got an investment of 10 billion won ($8.5 million) from Brand X Corporation, a media commerce company through Lakewood No. 2 Association, for its convertible bonds (CB).

The acquisition makes the fund’s stake at 97.1%. The conversion price is 385,500 won, and the conversion request period is from November 5, 2022, to October 5, 2026. On November 4, Hybe officially announced its entry into the non-fungible token (NFT) business and issued 400 billion won worth of convertible bonds (CB) to acquire 861,004 shares of Dunamu, the operator of Upbit, a cryptocurrency exchange worth 500 billion won.

A Brand X Corporation official said, “The M&A planned for this year was delayed, so a portion of this year’s budget was used for financial investment.” In addition, he added, “We are continuously discovering M&A cases for company growth and will bear fruit soon.”

Hybe and Dunamu formed a strategic partnership to enter the NFT business on November 4.  Dunamu will invest 700 billion won in Hybe through a capital increase through third-party allocation, and at the same time, Hybe will invest about 500 billion won in Dunamu in the same way. Hybe will acquire 2.48% of Dunamu’s stock through this equity investment. Hybe and Dunamu plan to establish a joint corporation to promote a new fandom-based business that combines artist IP and NFT.

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