Key Takeaways
- Naver is preparing to acquire Dunamu, the parent company of Upbit, South Korea’s largest crypto exchange.
- Both companies are expected to finalize the deal at board meetings next week.
- The acquisition will be structured as a stock swap through Naver Financial.
South Korea’s largest tech giant and its largest crypto exchange are on the verge of merging, a move that would instantly reshape the country’s digital finance landscape.
Naver, the country’s dominant internet conglomerate, is now in the final stages of acquiring Dunamu, the operator behind Upbit, which processes more than 70% of all crypto trading in Korea.
According to multiple local reports, the takeover is expected to be formally approved at a board meeting next week.
If completed, the deal would mark one of the most consequential tech-crypto mergers in Asia to date.
Naver Expected To Approve Upbit Acquisition Next Week
Sources familiar with the matter say Naver’s board will vote next week to approve a plan to absorb Dunamu through a comprehensive stock-swap arrangement handled by Naver Financial, the company’s fintech arm.
Dunamu’s own board is reportedly set to meet on Nov. 26 to confirm the terms.
Under the structure currently being negotiated, Dunamu would become a wholly owned subsidiary of Naver Financial.
Industry officials expect a swap ratio of roughly 1:3 or 1:4, reflecting Dunamu’s multibillion-dollar valuation.
Once finalized, the merger is expected to accelerate Naver’s push into digital finance, including a won-backed stablecoin project that the two companies have been quietly exploring since mid-2025.
After board approvals, both companies must secure shareholder consent before integration begins.
How the Upbit-Naver Deal Came Together: A Timeline
The takeover discussions didn’t emerge suddenly. They unfolded over several months, amid rising regulatory pressure on Korea’s crypto sector.
July 2025 – Early Collaboration
Naver and Dunamu began jointly exploring a won-pegged stablecoin, integrating the concept into Naver Pay, Korea’s largest mobile payment service.
At the same time, Upbit faced heightened regulatory scrutiny over market concentration and KYC procedures.
September 2025 – Upbit Acquisition Talks Surface
Local outlets began reporting that Naver Financial was in advanced talks to acquire Dunamu through a stock swap.
Both companies formed internal task forces to negotiate structure, valuation, and operational integration.
October-November 2025 – Momentum Builds
Naver’s stock rose 7–11% as rumors intensified, reflecting investor excitement over a potential dominant position in Korea’s digital-asset ecosystem.
In mid-November, Dunamu announced a net profit of ₩220 billion ($165 million), buoyed by a broader market recovery, which strengthened the case for acquisition.
Late November 2025 – Final Stage
Local reports indicate board approvals are imminent, setting up what could become one of Asia’s largest crypto-fintech mergers.
Why This Merger Matters For South Korea’s Crypto Scene
The merger’s impact goes well beyond a change of ownership.
Bringing Dunamu under Naver would instantly reshape Korea’s digital-finance landscape, pairing the country’s largest crypto exchange with one of its most powerful tech ecosystems.
It also fast-tracks plans for a won-backed stablecoin—an initiative both companies have explored and one that could give Korea its first large-scale, tech-driven digital currency effort.
Regulators are watching closely. Upbit’s dominance has long been a concern in Seoul, and moving it under a more established, government-aligned company like Naver may ease some of that pressure.
Regionally, the deal comes as Japan, Singapore, and Hong Kong sprint ahead with digital-asset policy.
A combined Naver-Dunamu could be the push Korea needs to reassert itself in Asia’s fast-moving crypto market.
What Happens Next?
The deal still requires:
If the acquisition closes, it will fundamentally reshape Korea’s ₩1.5 trillion ($1.1 billion) crypto market in 2026 and position Naver as the leading bridge between Web2 finance and Web3 assets.
Until then, industry observers are watching next week’s board meetings—likely the moment the future of Korean crypto takes on an entirely new form.
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Prashant Jha is a seasoned crypto journalist based in Delhi, India, with a Bachelor’s Degree in Computer Science Engineering. Passionate about the evolving world of blockchain and cryptocurrencies, he has been a dedicated voice in the industry since 2018. Prashant’s expertise lies in regulatory reporting, where he unravels complex legal and financial developments with clarity and precision. Before joining CCN in 2024, he honed his craft at Cointelegraph, establishing himself as a trusted name in crypto journalism.
His coverage spans major industry events, including the high-profile collapses of FTX, Three Arrows Capital (3AC), and LUNA, offering readers insightful analyses of their regulatory and market implications. Prashant’s technical background enables him to bridge the gap between intricate blockchain technology and its real-world applications, making his work accessible to novices and experts.
Beyond his professional pursuits, Prashant is an avid music enthusiast, often exploring diverse genres to unwind. A sports lover, he has a particular passion for cricket and frequently engages in discussions about the game. His multifaceted interests and sharp journalistic instincts make him a valuable contributor to CCN, where he continues shaping the crypto landscape's narrative.
