South Korea’s biggest crypto exchange, Upbit, may be positioning for a potential Nasdaq IPO, following confirmation that tech giant Naver is preparing to acquire its parent company, Dunamu, in a landmark stock-swap merger.
The move, expected to be approved at board meetings next week, would create one of Asia’s most powerful fintech–crypto conglomerates and accelerate Korea’s entry into US capital markets.
Sponsored
Updated Stock-Swap Terms Strengthen Upbit Nasdaq IPO Roadmap
Reports from Zoomer and Unfolded, citing Bloomberg, suggest that Upbit exchange could soon launch in the US via a Nasdaq IPO.
The announcement comes after reports that Naver Financial will acquire Dunamu through a KRW 20 trillion ($14.5 billion) stock exchange. This would make the Upbit operator a wholly owned subsidiary of the country’s dominant internet conglomerate.
The merger would combine Naver’s fintech ecosystem with Upbit’s 70% share of domestic crypto trading, instantly creating a global-scale digital finance platform.
The union positions Upbit’s business under a politically safer, more globally recognizable corporate structure, one far more acceptable to Nasdaq regulators than a standalone crypto exchange.
Brokerage research indicates that the merged Naver–Upbit entity laid the groundwork for a potential Nasdaq IPO as early as 2026, depending on US market conditions.
Sponsored
Local media reported industry disclosures, revealing that Naver Financial and Dunamu have decided to raise the exchange ratio and formally align the merger with a future Nasdaq listing commitment.
Both companies will hold board meetings on Wednesday, November 26, to finalize the comprehensive stock swap. The updated ratio is expected to land at 1:3.3–3.4 in favor of Dunamu, higher than previously assumed.
“One senior industry source said “[the adjustment is meant] to actively reflect Dunamu’s corporate value and ensure a smooth integration between Naver and Dunamu,” local media reported, citing one senior industry source.
The revised ratio acknowledges Dunamu’s significantly stronger performance metrics. As of end-2024, Dunamu posted KRW 1.186 trillion in operating profit, roughly 10× Naver Financial’s KRW 103.5 billion, alongside far larger asset holdings.
Sponsored
Minority shareholders had expressed dissatisfaction with a “1:3” swap, arguing it undervalued the Upbit operator. The higher ratio is viewed internally as a compromise that enables both major shareholder groups to approve the deal.
Local media sources also confirm that the two companies have agreed to complete a Nasdaq listing within a defined period after the stock-swap, addressing concerns about double-listing conflicts since Naver Corporation is already publicly traded in Korea.
While the IPO itself is not on the board’s agenda this week, the listing plan will be finalized once procedural steps are completed.
The joint press conference scheduled for November 27 at Naver’s “1784” headquarters is expected to outline the merged entity’s long-term global expansion strategy.
Sponsored
IPO Momentum Builds as Rivals Restructure
Upbit’s global ambitions come as domestic rivals pursue their own public-market paths. Bithumb, Korea’s second-largest exchange, has reportedly regained nearly 25% of the market share and is preparing for the public market.
Meanwhile, K Bank, Upbit’s main banking partner, was forced to pull its planned $700 million IPO last year amid alleged valuation concerns, intensifying scrutiny over Korean fintech listings.
In contrast, Upbit’s path to Wall Street appears strengthened by Naver’s backing. Merging with a big-tech brand reduces regulatory friction and offers “cover” for Dunamu’s long-delayed goal of a US listing.
If the merger proceeds as expected, South Korea may soon attempt what no major Asian crypto platform has achieved, a seat on Nasdaq, signaling a new chapter in the global crypto-fintech race.
Source: https://beincrypto.com/naver-dunamu-merger-nasdaq-ip/