WEBTOON Entertainment Inc.
boothcheck covers WEBTOON Entertainment Inc. (WBTN) but does not put one priced-in number on it: here the defensible answer is the evidence rather than a point estimate. boothcheck publishes no house fair value, target price, or buy/sell rating. Narrative composed June 28, 2026.
• WEBTOON runs a coin-based digital storytelling platform where readers buy access episode by episode, and the Paid Content engine is the core: the company recognizes that revenue as readers redeem the coins they bought for specific content [Source: FY2025 10-K, accession 0001997859-26-000028], producing $320.9 million of total revenue in the first quarter of 2026 [Source: Q1 2026 shareholder letter, May 11 2026]. • The biggest risk is currency, not the business model: a majority of revenue is g
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94 institutional managers reported holding WBTN in 13F filings for the quarter ended 2026-03-31. Together they hold about 41% of the company; the top 10 hold 40%. 23 opened new positions that quarter. Held by FMR (Fidelity), BlackRock, Morgan Stanley, among others. On the short side, 5.5M shares were sold short as of the 2026-06-15 count, about 4% of shares outstanding (22 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
Open-market insider buys at WBTN over the trailing three years: 2024: 7 buys totaling $914k; 2025: 3 buys totaling $265k. 8 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
WBTN's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2024-11-13 | -5.8% | +26.2% |
| 2025-03-12 | -12.2% | -9.0% |
| 2025-05-15 | -15.8% | +7.5% |
| 2025-08-14 | +85.7% | +9.1% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
WBTN's latest 8-K filings: 2026-08-10 (items 1.01, 2.02, 7.01, 9.01); 2026-06-04 (items 5.07); 2026-05-11 (items 2.02, 9.01); 2026-04-13 (items 5.02, 7.01, 9.01); 2026-03-30 (items 5.02, 9.01).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: June 28, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.