South Korean Crypto Giant Nears Takeover

South Korea’s largest cryptocurrency exchange, Upbit, is reportedly advancing plans for a Nasdaq listing after news emerged that its parent company, Dunamu, is set to be acquired by internet giant Naver. The deal, structured as a multibillion-dollar stock-swap merger, is expected to gain board approval on November 26 and would represent one of Asia’s most significant digital finance consolidations.

According to local media, the merger terms value the equity exchange at approximately $14.5 billion (KRW 20 trillion). Once the transaction is complete, Upbit will operate as a wholly owned subsidiary of Naver. Analysts suggest this strategic shift could pave the way for a Nasdaq debut as early as 2026, assuming stable market conditions.

Merger Terms Reflect Upbit’s Financial Strength

Updated filings reveal that the stock exchange ratio was adjusted to roughly 1:3.3–3.4 in favor of Dunamu, a change reflecting the crypto company’s robust financial performance. At the end of 2024, Dunamu posted an operating profit of KRW 1.186 trillion, nearly ten times the KRW 103.5 billion reported by Naver Financial. The revised ratio was reportedly necessary to secure approval from minority shareholders who felt earlier proposals undervalued the Upbit operator.

A successful merger would grant Naver control over more than 70% of South Korea’s domestic crypto trading volume. Upbit’s market dominance remained strong throughout 2024 and 2025, with data from the Financial Supervisory Service showing it handled $642 billion (KRW 833 trillion) in transactions in the first half of 2025 alone.

Aligning with a Broader IPO Trend

While Upbit has faced regulatory scrutiny in the past, the merger with a globally recognized brand like Naver is widely seen as a move to stabilize its regulatory profile before attempting a U.S. listing. The timing also aligns with a renewed trend of crypto companies going public.

The year 2025 has seen a series of major Initial Public Offerings (IPOs) from firms like Circle, Bullish, Figure Technologies, Gemini, and BitGo. At the same time, Upbit’s domestic rival, Bithumb, has accelerated its own plans for a public listing on the KOSDAQ and is also exploring a potential dual listing on Nasdaq.

Upbit’s parent company has demonstrated consistent profitability, reporting a $165 million net income in the third quarter of 2025—a 300% increase year-over-year. With strong cash flow and Naver’s global backing, the conditions for a future U.S. IPO appear increasingly favorable.