Naver Corp. has agreed to acquire Dunamu Inc., operator of South Korea’s dominant cryptocurrency exchange Upbit, in an all-stock transaction that will create a fintech entity valued at approximately ₩20 trillion ($13.7 billion).
Under terms disclosed Wednesday, Naver’s fintech subsidiary will issue 2.54 shares for each Dunamu share, valuing the crypto firm at roughly ₩15.1 trillion ($10.3 billion). The deal requires shareholder approval at meetings scheduled for May 2026, with completion targeted for June 30.
The transaction faces substantial regulatory hurdles. Korea’s Fair Trade Commission must review the business combination, while both companies need consent from major stakeholders including Dunamu Chairman Song Chi-hyung, who controls 25.5% of the exchange operator.
Naver aims to integrate Upbit’s trading platform—which commands over 80% of domestic crypto exchange volume—with its Naver Pay services to pursue won-backed stablecoin development. Dunamu has also signaled intentions to seek a Nasdaq listing following the merger.
The deal’s timing aligns with Seoul’s evolving digital asset framework, though execution risks remain considerable. Dissenting shareholders may exercise appraisal rights, and the agreement can be terminated if buyback demands exceed ₩1.2 trillion ($822 million) at either company.
Dunamu reported third-quarter operating profit of ₩239 billion ($164 million), up 145% year-over-year.
