South Korea’s Naver to Acquire Upbit’s Parent Firm Next Week

South Korea’s internet leader, Naver, plans to fully acquire Dunamu, the company that runs South Korea’s largest cryptocurrency exchange, Upbit, next week. Sources say that both companies will hold board meetings to finalize the details.

The merger aims to strengthen their position in digital finance. Upbit currently sits as the fourth-largest cryptocurrency exchange in the world by trading volume.

Deal Structure and Timeline

Naver intends to make Dunamu a wholly owned subsidiary. The acquisition will be completed through a stock swap, managed primarily by Naver Financial, its fintech division. Naver’s board is expected to approve the deal in its meeting next week, with Dunamu’s board following on November 26.

After both boards approve, they will seek shareholder approval to start the integration. Dunamu’s estimated value is approximately $10 billion, based on recent over-the-counter trading at roughly $293,000 per share. The swap ratio is still being negotiated but is widely expected to fall between 1:3 and 1:4 Naver Financial shares for each Dunamu share.

The valuation is supported by Upbit’s third-quarter net profit of $170 million, a 300% year-on-year increase. It also considers the possible annual benefits of hundreds of billions of dollars. The final approval now depends on shareholders and regulatory authorities, and the deal is aimed to close by early 2026.

The new structure will change ownership within Naver Financial. After the deal is completed, Dunamu Chairman Song Chi-hyung is likely to become the largest shareholder, while Naver would become the second-largest stakeholder in the fintech unit.

Strategic Impact on Korea’s Digital Finance

Upbit has the largest share of domestic crypto trading volume, and with Naver’s user base and payment system, the merger will create advantages for both companies. A key part of the merger will be South Korea’s first primary stablecoin pegged to the won, leveraging Naver’s network to enable quick cash-to-crypto exchanges. 

Other services will likely include tokenized assets, easy trading between fiat and crypto, and more NFT options based on current partnerships. The merger could bring in over $2.1 billion in annual profits, and possibly plans to list on Nasdaq. The acquisition strengthens South Korea’s leadership in crypto and fintech while helping more people adopt blockchain technology.

If the integration is successful, the combined entity could lead the way in stablecoin and blockchain services. The move highlights the increasing connection between internet companies and crypto exchanges in Asia.

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