Naver Financial Seals Merger With Upbit Operator Dunamu in Landmark $10.2B Deal

The South Korean tech giant confirms a stock-swap merger that will make Dunamu, operator of Upbit, a wholly-owned subsidiary as part of an aggressive digital-finance expansion strategy.

Naver Financial has officially confirmed its merger with Dunamu, the company behind South Korea’s largest crypto exchange Upbit, marking one of the country’s most significant digital-finance deals to date. The transaction, disclosed through South Korea’s DART system, positions Naver to accelerate its push into digital assets and next-generation fintech services.

Naver Financial to Absorb Dunamu via Major Stock-Swap Deal

According to the disclosure, the merger will be executed through a stock-swap transaction, with 2.5422618 shares of Naver Financial issued for each Dunamu share. The merger’s effective date is set for June 30, 2026.

To complete the acquisition, Naver Financial will issue 87.56 million new shares, valued at roughly 15.13 trillion KRW ($10.28 billion). One Naver Financial share was priced at 172,780 KRW ($117.47) at the time of filing.

Strategic Vision: Building South Korea’s Dominant Digital-Finance Ecosystem

Naver said the move aims to “secure future growth momentum based on digital assets”, underscoring a strategic shift toward financial services that can compete with global fintech leaders.

Industry observers underline that this merger creates a powerhouse combining Naver’s massive tech ecosystem with Upbit’s dominant position in the crypto market — a synergy expected to reshape South Korea’s digital-finance landscape.

Local reports have also suggested that Upbit may pursue a Nasdaq IPO following the deal, though neither company has confirmed any listing plans.

Financial Performance Highlights Strong Momentum

Both entities enter the merger from a position of financial strength:

• Naver posted 3.14 trillion KRW ($2.32B) in revenue and 570.6 billion KRW ($422.6M) in operating profit for Q3.
• Dunamu recorded a 35% quarter-over-quarter revenue increase to 385.9 billion KRW ($262.8M).
• Dunamu’s net profit surged 145%, reaching 239 billion KRW ($162.8M) in the same period.

These figures highlight robust market confidence and solidify the business case for deeper consolidation.

The merger underscores both companies’ ambition to dominate South Korea’s rapidly evolving digital-finance sector. With policymakers pushing to establish the country as a regional hub for digital assets and blockchain-driven financial innovation, the combined strength of Naver and Upbit is expected to play a central role.

Disclaimer

This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.