Naver's $10B Upbit Merger Aims to Launch Asian Crypto Giant on Nasdaq

South Korean internet giant Naver Corp. has agreed to acquire Dunamu Inc., the operator of the country's largest cryptocurrency exchange Upbit, in a landmark all-stock deal valued at approximately $10.3 billion. Under the terms of the transaction, Naver's fintech subsidiary, Naver Financial, will issue 2.54 new shares for every Dunamu share, effectively making the crypto exchange a wholly owned subsidiary according to reports. The move, announced on November 26, 2025, aims to consolidate Naver's dominance in the digital finance sector while positioning Upbit for a potential Nasdaq IPO as early as 2026.

The merger combines Naver's expansive digital ecosystem-spanning search, e-commerce, payments, and content-with Upbit's commanding 70% share of South Korea's domestic crypto trading market. Upbit, which ranks among the world's top five exchanges by volume, processed $2.1 billion in daily trades as of late 2025, dwarfing its closest competitor, Bithumb, which handled just $1.6 billion.

The integration is expected to accelerate Naver's plans for a Korean won-backed stablecoin, leveraging Upbit's blockchain infrastructure to create a unified financial platform according to analysts.

Regulatory hurdles loom large, however. The Korea Fair Trade Commission (KFTC) will scrutinize the deal for antitrust concerns, given Naver's existing dominance in search and payments according to market analysis. Additionally, South Korea's financial regulators remain divided on stablecoin regulations, complicating Naver's ambitions to launch a central bank-recognized digital currency according to industry experts. Despite these challenges, the merged entity's strong financials-Dunamu reported KRW 1.186 trillion in operating profit in 2024, compared to Naver Financial's KRW 103.5 billion-suggest the deal is strategically advantageous according to financial reports.

The path to a Nasdaq listing is gaining momentum. Local media reports indicate that Naver and Dunamu have aligned their merger with a future U.S. listing, with board meetings scheduled to finalize the stock-swap terms according to sources. The revised exchange ratio of 1:3.3–3.4, up from an initial 1:3, addresses shareholder concerns over undervaluing Dunamu. A Nasdaq IPO would provide U.S. investors access to South Korea's dynamic crypto market, which often moves independently of global trends.

Naver's aggressive move mirrors broader trends in Asia's crypto landscape. Rivals like Bithumb are also pursuing public-market strategies, while K Bank's abandoned $700 million IPO underscores the sector's volatility according to financial reports. By leveraging its brand strength, Naver aims to reduce regulatory friction for Upbit's U.S. ambitions, potentially making history as the first major Asian crypto platform to list on Wall Street according to industry analysts.