- Naver plans to acquire Dunamu in a stock-based deal valued at 20 trillion won.
- Upbit controls about 70% of South Korea’s crypto trading market.
- Dunamu’s unlisted shares rose above 400,000 KRW following merger reports.
The crypto and fintech landscape in South Korea is quickly shifting as Naver prepares to acquire Dunamu in a landmark stock-for-stock merger that could reshape the country’s global ambitions.
The deal, expected to be presented to both companies’ boards next week, puts Upbit at the center of a broader Korean push to expand into U.S. capital markets.
It has also reignited talk of a potential Nasdaq listing, with investors and analysts viewing the merger as a structural reset that would create a more favorable platform for international expansion.
With market prices already responding, this development marks a new phase in how South Korea aims to position itself in the global crypto-fintech race.
Upbit’s position strengthens
Reports from Zoomer and Unfolded indicate Upbit may be preparing to enter the U.S. market.
This follows local confirmation that Naver Financial intends to buy Dunamu through a stock transaction valued at 20 trillion won (about $14.5 billion).
Once the deal closes, the operator of Upbit will become a wholly owned subsidiary of South Korea’s dominant internet group.
The merger will combine Naver’s extensive fintech network with Upbit’s roughly 70% share of domestic crypto trading.
That creates a platform capable of operating internationally and opens new channels for Upbit to expand beyond its home market.
Aligning Naver’s technological reach with Dunamu’s blockchain capabilities is seen as a decisive advantage supporting long-term global integration.
Market signals reflect rising expectations
Financial markets have already reacted to the merger’s implications.
Dunamu’s unlisted shares climbed above 400,000 KRW for the first time in more than three years.
Naver’s shares also rose, gaining nearly 20% in the days after the acquisition reports emerged.
These movements reflect growing confidence that the combined company will pursue future access to U.S. capital markets.
Analysts note that integrating Upbit under Naver creates a corporate structure more familiar to U.S. regulators and therefore more suitable for a potential Nasdaq listing.
Some research suggests a listing could be feasible as early as 2026, depending on broader market conditions.
Forecasts estimate the combined Naver–Dunamu valuation could reach roughly 50 trillion KRW, driven by Naver’s fintech scale and Dunamu’s blockchain infrastructure.
Upbit’s global momentum comes amid adjustments to its public market plans.
Bithumb, Korea’s second-largest crypto exchange, has reclaimed about 25% of the domestic market and is reportedly preparing its own listing attempt.
A new chapter for crypto-fintech growth in Asia
If approved, the Naver–Dunamu merger could make South Korea one of the first Asian markets to bring a major crypto exchange to the Nasdaq.
This would be an important step in the region’s broader effort to compete more aggressively on global financial stages.
As Naver and Dunamu prepare to combine strengths, Upbit is becoming a central player in South Korea’s next push toward international leadership in crypto-fintech.