US EditionUpbit Seeking Nasdaq IPO Following Merger With Naver: Bloomberg
Naver Financial aims to acquire Dunamu with a $14.5 billion stock swap, securing over 70% of South Korea's crypto trading volume to boost Nasdaq IPO prospects.
- On November 26, Naver Financial plans to approve a KRW 20 trillion stock-swap to acquire Dunamu, making Upbit a wholly owned Naver subsidiary.
- Raising the exchange ratio to roughly 1:3.3–3.4 followed Dunamu's strong 2024 results, including a $165 million net income in the third quarter, after minority shareholder pushback.
- Upbit's corporate moves included handling 833 trillion won in transactions in H1 2025, holding up to 80% market share, facing KYC and compliance scrutiny, and hiring Samsung Securities for a KOSDAQ listing.
- If completed, the merger would give Naver control of more than 70% of domestic crypto trading volume and stabilize Upbit's regulatory profile, aided by the acquittal of the former chairman.
- Analysts say strong cash flow, expanding users, and Naver's global reach define US IPO conditions amid a 2025 wave of crypto IPOs, possibly leading to a Nasdaq debut as early as 2026.
19 Articles
19 Articles
[Digital Daily Reporter Cho Yoon-jung] Naver Financial and Dunamu, the operator of Korea's leading virtual asset exchange Upbit, are moving forward with a surprise merger. According to IT industry sources on the 24th, the two companies will hold separate board meetings on the 26th to approve the merger plan. A joint press conference will be held on the 27th at Naver's second headquarters, "Naver 1784," where they are expected to announce the det…
Dunamu and Naver Financial Set to Vote on Strategic Merger
South Korea’s leading digital-asset firm Dunamu, operator of the Upbit exchange, and fintech provider Naver Financial are preparing to approve a merger, with board votes scheduled later this week. Reports indicate that both companies will hold board meetings on November 26 to confirm the transaction, followed by a joint announcement on November 27. The deal would make Dunamu a wholly owned subsidiary of Naver Financial through a comprehensive sh…
Upbit Owner Dunamu Plans Nasdaq IPO After Naver Merger
Dunamu, parent of South Korea's dominant cryptocurrency exchange Upbit, plans to pursue a Nasdaq IPO following its merger with tech giant Naver, the Seoul Economic Daily reported Monday.Both companies will hold board meetings Wednesday to vote on the merger, with executives set to announce details Thursday if approved, according to The Chosun Daily. The deal involves Naver Financial acquiring Dunamu through a share exchange, which was reported i…
Coverage Details
Bias Distribution
- 100% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
