Upbit Parent Company Plans US IPO After Naver Merger

The move will merge two of Korea’s most influential digital platforms and offer US investors rare access to the country’s highly active crypto market. Bitkub, meanwhile, is also considering a $200 million listing in Hong Kong after Thailand’s stock market hit a five-year low and saw heavy foreign outflows. Hong Kong’s resurgent IPO activity and growing crypto-friendly environment have made it a very appealing destination for firms looking for stability and international capital. Overall, both Dunamu and Thailand’s Bitkub are pursuing overseas IPOs in their pursuit  to expand far beyond slowing domestic markets.

Dunamu Plans Nasdaq IPO

South Korea’s largest crypto exchange operator, Dunamu, which is the parent company behind Upbit, is reportedly preparing for a major push into the United States, with plans to list on Nasdaq once its merger with tech giant Naver is completed. According to reports from the Seoul Economic Daily and The Chosun Daily, the long-discussed merger between the two companies is now entering its final stages, with both boards expected to vote on the deal this Wednesday. 

Should they approve, the CEOs of Dunamu and Naver will present their post-merger strategy the next day, outlining what could become one of the biggest cross-sector consolidations in the Korean tech and crypto industries.

The deal would make Dunamu a subsidiary of Naver Financial, the fintech division of Naver, which is also widely known as the “Google of South Korea” due to its dominance in search, email, maps, blogging, and digital payments. Local reporting indicated that Naver intends to leverage the merger to accelerate its entry into digital finance, including launching its own Korean-won-backed stablecoin. 

South Korea recently moved to permit bank-issued stablecoins, which also lays the groundwork for corporate-driven digital currency initiatives. However, regulators will still need to review and approve the merger, as the combination of South Korea’s largest crypto exchange and a major payments platform could raise concerns about market dominance.

For Dunamu, a Nasdaq listing will offer Wall Street a rare opportunity to gain exposure to one of the world’s most active crypto markets. Upbit regularly ranks among the top-trading global exchanges. It records about $2.1 billion in 24-hour volume, which is very close to the $2.2 billion seen on Bullish, a US exchange that went public in August. 

A US IPO from Dunamu would join the growing wave of crypto-native companies tapping public markets this year. Gemini, eToro, and Bullish all made their US debuts earlier in 2025, although their stock prices have felt the pressure of the broader market downturn. One of the standout successes has been Circle Internet Group, whose June IPO valued the stablecoin issuer at $18 billion.

Bitkub Eyes Hong Kong IPO

Thailand’s largest cryptocurrency exchange, Bitkub, is also weighing an overseas initial public offering as conditions in the country’s domestic stock market deteriorate. According to a Bloomberg report, the company is considering raising around $200 million through a potential IPO in Hong Kong. 

Bitkub was founded in 2018, and averages roughly $66 million in daily trading volume. It previously explored the idea of listing in Thailand, but those plans stalled as the country’s market outlook worsened.

Thailand’s benchmark Stock Exchange of Thailand index endured one of its toughest periods in years by falling about 10% in 2025 and hitting a five-year low earlier in the year. Political tensions with Cambodia and the threat of broader trade disruptions contributed to volatility, which pushed foreign investors to pull more than 100 billion baht (about $3 billion) from Thai equities in the first ten months of 2025. While some regional markets saw strong rebounds, Thailand has lagged behind its Asian peers.

Bitkub’s interest in Hong Kong sheds some light on the city’s growing appeal as a destination for crypto-focused companies looking for capital. The Hong Kong Stock Exchange experienced a massive resurgence this year after raising nearly HK$216 billion (about $27.8 billion) from public listings in the first ten months of 2025. This is a more than threefold increase from the same period in the previous year. The city very quickly positioned itself as a hub for digital asset firms by drawing companies like Bitcoin Depot, the world’s largest Bitcoin ATM operator.

The momentum in Hong Kong’s crypto sector has also been reflected in major filings from local players. In October, HashKey Group, the operator of the city’s top licensed crypto exchange, reportedly filed for a public listing that could bring in $500 million. These developments all indicate that Hong Kong is courting global crypto companies, making it a very attractive alternative for firms like Bitkub that face uncertain conditions in their home markets.