Naver to Acquire Upbit Operator Dunamu in $10.3 Billion Stock Swap

• Naver Financial plans $10.3 billion stock-swap acquisition of Dunamu, operator of Upbit
• Shareholders will vote on May 22, 2026; the deal requires South Korean regulatory approval
• Exchange ratio set at 1:2.54, while dissenting shareholders can request $117 buyout

Naver Financial, the financial services division of South Korea’s tech behemoth Naver, said it is planning on buying Dunamu in a deal that likely won’t see any cash exchange hands. Dunamu is the technology company that operates Upbit, the largest cryptocurrency exchange in the country.

Citing regulatory filings, TradingView reported that Naver Financial is looking to pay 15.1 trillion won ($10.3 billion) for the acquisition, with a stock-swap. To finalize the deal, Naver Financial will issue 87.56 million new shares and give them to current Dunamu shareholders.

That way, Dunamu will become a wholly o…

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