- Naver plans to acquire Dunamu in a share-swap deal valued at KRW 20 trillion.
- Upbit controls roughly 70% of South Korea’s cryptocurrency market.
- Dunamu’s unlisted shares rose above KRW 400,000 after news of the merger.
The crypto and fintech landscape in South Korea is shifting rapidly as Naver prepares to acquire Dunamu through a transformative share-swap merger that could reshape the country’s global ambitions.
The transaction, expected to be approved by the boards next week, places Upbit at the center of a wider Korean strategy to expand into U.S. capital markets.
The move has also revived momentum for a potential Nasdaq listing, with investors and analysts viewing the merger as a structural reset that creates one of the most favorable environments yet for international expansion.
Market prices have already begun to react, marking a new phase in which South Korea seeks to strengthen its position in the global crypto-fintech race.
Upbit’s position becomes stronger
Reports indicate Upbit may be preparing to enter the U.S. market, following local confirmations that Naver Financial intends to acquire Dunamu through a KRW 20 trillion ($14.5 billion) share swap.
Once completed, the deal would make the Upbit operator a wholly owned subsidiary of South Korea’s dominant internet group.
The merger would connect Naver’s extensive fintech network with Upbit’s roughly 70% share of domestic crypto trading.
That combination would create a platform capable of operating internationally and open new pathways for Upbit to grow beyond its core market.
Observers view the alignment of Naver’s technological reach with Dunamu’s blockchain capabilities as a decisive advantage that supports durable global integration.
Market signals reflect rising expectations
Financial markets have already responded to the merger’s implications. Dunamu’s unlisted shares climbed above KRW 400,000 for the first time in more than three years, and Naver’s share price jumped nearly 20% in the days following the acquisition news.
These market moves reflect growing confidence that the combined entity will ultimately pursue access to U.S. capital markets.
Experts note that integrating Upbit under Naver creates a corporate structure more familiar to U.S. regulators and therefore better suited for a potential Nasdaq listing.
Research suggests a listing could be feasible by 2026, depending on broader market conditions.
Forecasts place the combined valuation of the Naver–Dunamu group at roughly KRW 50 trillion, driven by Naver’s fintech scale and Dunamu’s blockchain infrastructure, Giwa.
Upbit’s global momentum is also influenced by shifts among competitors adjusting their public market plans. Bithumb, South Korea’s second-largest crypto exchange, has reclaimed about 25% of its domestic market share and is reportedly preparing its own public listing.
A new chapter for crypto-fintech growth in Asia
If approved, the Naver–Dunamu merger could become the first major deal in Asia aimed at bringing a large crypto exchange to Nasdaq.
The development represents a significant step in the region’s broader push to compete more aggressively in global financial markets.
As Naver and Dunamu prepare to join forces, Upbit emerges as a central player in the next phase of South Korea’s drive toward international crypto-fintech leadership.