Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to ₩1,365, the stock trades at a trailing P/E ratio of 7.9x. Average trailing P/E is 13x in the Software industry in South Korea. Total loss to shareholders of 36% over the past three years. Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ₩1,100, the stock trades at a trailing P/E ratio of 6.4x. Average trailing P/E is 14x in the Software industry in South Korea. Total loss to shareholders of 48% over the past three years. New Risk • May 28
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 129% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (129% accrual ratio). Minor Risk Market cap is less than US$100m (₩24.0b market cap, or US$16.0m). Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩2,050, the stock trades at a trailing P/E ratio of 11.4x. Average trailing P/E is 17x in the Software industry in South Korea. Total returns to shareholders of 2.0% over the past three years. Announcement • Apr 09
Parataxis Ethereum, Inc. (KOSDAQ:A290560) agreed to acquire Parataxis Korea, Inc. (KOSDAQ:A288330) for KRW 42.8 billion. Parataxis Ethereum, Inc. (KOSDAQ:A290560) agreed to acquire Parataxis Korea, Inc. (KOSDAQ:A288330) for KRW 42.8 billion on April 7, 2026. The planned purchase price is KRW 577. The consideration consists of common equity of Parataxis Ethereum, Inc. at a ratio of 1:0.2806763 per common equity and convertible preferred equity of Parataxis Ethereum, Inc. at a ratio of 1:0.2806763 per convertible preferred equity of Parataxis Korea, Inc.
The transaction is subject to approval by regulatory board / committee, approval of merger agreement by target board, approval of offer by acquirer shareholders, approval of offer by acquirer board and approval of offer by target shareholders.
The expected completion of the transaction is October 1, 2026. Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩1,607, the stock trades at a trailing P/E ratio of 9x. Average trailing P/E is 17x in the Software industry in South Korea. Total loss to shareholders of 19% over the past three years. Announcement • Mar 10
Parataxis Ethereum, Inc., Annual General Meeting, Mar 24, 2026 Parataxis Ethereum, Inc., Annual General Meeting, Mar 24, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 9, jeongui-ro 8-gil, songpa-gu, seoul South Korea Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩1,588, the stock trades at a trailing P/E ratio of 10.1x. Average trailing P/E is 16x in the Software industry in South Korea. Total returns to shareholders of 28% over the past year. New Risk • Feb 26
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of South Korean stocks, typically moving 16% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (16% average weekly change). Minor Risk Market cap is less than US$100m (₩32.6b market cap, or US$22.8m). Announcement • Jan 15
Sinsiway Co., Ltd. announced that it has received KRW 4.714061376 billion in funding from Parataxis Korea Holdings Llc, Parataxis Capital Management LLC On January 14, 2026, Sinsiway Co., Ltd. closed the transaction. Announcement • Jan 07
Parataxis Korea Fund IV LLC, a fund managed by Parataxis Capital Management LLC and Parataxis Korea, Inc. (KOSDAQ:A288330) completed the acquisition of 47.2% stake in Sinsiway Co., Ltd. (KOSDAQ:A290560) from EXEM Co., Ltd. (KOSDAQ:A205100), Gwang-Yeol Kim, Jae-Hoon Jeong and Gwang-Yeol Kim. Parataxis Korea Fund IV LLC, a fund managed by Parataxis Capital Management LLC and Parataxis Korea, Inc. (KOSDAQ:A288330) entered into agreement to acquire 47.2% stake in Sinsiway Co., Ltd. (KOSDAQ:A290560) from EXEM Co., Ltd. (KOSDAQ:A205100), Gwang-Yeol Kim, Jae-Hoon Jeong and Gwang-Yeol Kim for KRW 26.1 billion on December 1, 2025. A cash consideration of KRW 26.13 billion valued at KRW 14855 per share will be paid by Parataxis Holdings LLC, Parataxis Korea Fund Iii Llc and Parataxis Korea, Inc. As part of consideration, KRW 26.13 billion is paid towards common equity of Sinsiway Co., Ltd.
The expected completion of the transaction is January 6, 2026.
Parataxis Korea Fund IV LLC, a fund managed by Parataxis Capital Management LLC and Parataxis Korea, Inc. (KOSDAQ:A288330) completed the acquisition of 47.2% stake in Sinsiway Co., Ltd. (KOSDAQ:A290560) from EXEM Co., Ltd. (KOSDAQ:A205100), Gwang-Yeol Kim, Jae-Hoon Jeong and Gwang-Yeol Kim on January 6, 2026. Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩8,360, the stock trades at a trailing P/E ratio of 11x. Average trailing P/E is 15x in the Software industry in South Korea. Total returns to shareholders of 42% over the past year. New Risk • Dec 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 9.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (9.0% average weekly change). Market cap is less than US$100m (₩28.3b market cap, or US$19.3m). Announcement • Dec 02
Sinsiway Co., Ltd. announced that it expects to receive KRW 4.714061376 billion in funding from Parataxis Holdings LLC, Parataxis Korea Holdings Llc Sinsiway Co., Ltd announced a private placement to issue 745,424 shares at an issue price of KRW 6,324 per share for gross proceeds of KRW 4,714,061,376 on December 1, 2025. The transaction will include participation from new investors Parataxis Holdings LLC 390,047 shares, Parataxis Korea Fund Iii Llc 286,035 shares and Parataxis Korea Holdings Llc for 69,342 shares. The transaction has been approved by shareholders, restricted to a hold period and is expected to close on January 14, 2026. Valuation Update With 7 Day Price Move • Dec 01
Investor sentiment improves as stock rises 31% After last week's 31% share price gain to ₩8,880, the stock trades at a trailing P/E ratio of 11.7x. Average trailing P/E is 16x in the Software industry in South Korea. Total loss to shareholders of 15% over the past three years. Reported Earnings • Nov 13
Third quarter 2025 earnings released: EPS: ₩204 (vs ₩97.00 in 3Q 2024) Third quarter 2025 results: EPS: ₩204 (up from ₩97.00 in 3Q 2024). Revenue: ₩2.97b (up 19% from 3Q 2024). Net income: ₩756.0m (up 101% from 3Q 2024). Profit margin: 26% (up from 15% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Announcement • Jun 24
Sinsiway Co., Ltd. (KOSDAQ:A290560) announces an Equity Buyback for 71,839 shares, for KRW 500 million. Sinsiway Co., Ltd. (KOSDAQ:A290560) announces a share repurchase program. Under the program, the company will repurchase up to 71,839 shares for KRW 500 million worth of its shares pursuant to a contract with DAISHIN SECURITIES CO., LTD. The purpose of the share repurchase is to stabilize stock prices and enhance shareholder value. The repurchase program will expire on December 24, 2025. As of June 23, 2025, the company had 150,850 shares within scope available for dividend and had 2,538 shares in treasury through other repurchase. Announcement • Feb 28
Sinsiway Co., Ltd., Annual General Meeting, Mar 26, 2025 Sinsiway Co., Ltd., Annual General Meeting, Mar 26, 2025, at 10:00 Tokyo Standard Time. Location: session room, 25, beobwon-ro 11-gil, songpa-gu, seoul South Korea Announcement • Dec 23
Sinsiway Co., Ltd. (KOSDAQ:A290560) announces an Equity Buyback for KRW 1,000 million worth of its shares. Sinsiway Co., Ltd. (KOSDAQ:A290560) announces a share repurchase program. Under the program, the company will repurchase up to KRW 1,000 million worth of its shares pursuant to a contract with DAISHIN SECURITIES CO., LTD. The purpose of the share repurchase is to stabilize stock prices and enhance shareholder value. The repurchase program will expire on June 23, 2025. As of December 22, 2024, the company had no shares within scope available for dividend and had 2,538 shares in treasury through other repurchase. New Risk • Aug 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Shareholders have been substantially diluted in the past year (486% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (₩31.2b market cap, or US$23.4m). Announcement • May 16
Sinsiway Co., Ltd. agreed to acquire IBKS No.17 Special Purpose Acquisition Company (KOSDAQ:A405350) for KRW 1.5 billion in a reverse merger transaction. Sinsiway Co., Ltd. agreed to acquire IBKS No.17 Special Purpose Acquisition Company (KOSDAQ:A405350) for KRW 1.5 billion in a reverse merger transaction on May 12, 2023. The exchange ratio is 1 : 0.2278683. Transaction is Subject to shareholders approval and is expected to close on October 10, 2023. 
