 
 
IT giant Naver has officially confirmed that it is acquiring South Korea’s Upbit in an all-stock deal. With the merger, Upbit and Naver are forming a single entity bridging crypto and traditional finance (TradFi).
Naver Seals Acquisition Of Upbit’s Parent Dunamu
According to a filing on Wednesday, the deal would bring Upbit’s parent Dunamu under the umbrella of Naver Financial, making Dunamu a wholly owned subsidiary of Naver’s financial arm to “secure future growth momentum based on digital assets” in a stock-swap deal valued at around 15.1 trillion won ($10.29 billion).
Upbit is one of the top crypto exchanges in the crypto-friendly country, while Naver runs numerous internet-based services in South Korea, including Naver Pay.
The merger will be a stock swap deal with Naver Financial issuing 2.54 shares for every one of Dunamu’s current shares. Despite being absorbed as a wholly owned subsidiary, Dunamu’s leadership will become the largest shareholders in the parent company, Naver Financial, as part of the deal.
Notably, the Dunamu-Upbit deal now requires approval from several South Korean regulators, including the nation’s Fair Trade Commission. Per the filing, delays or cancellations remain likely depending on the progress of these regulatory approvals.
 
Reports recently suggested that Upbit will target a Nasdaq IPO once the merger is complete, although it has not been confirmed by the Seoul-based platform.
That said, the merger between the two conglomerates represents both Upbit and Naver’s endeavor to dominate the country’s growing crypto landscape in South Korea following the election of pro-crypto President Lee Jae-myung, whose administration has adopted a more friendly stance toward the nascent industry.
Earlier in June, eight leading South Korean banks announced plans to introduce stablecoins pegged to the country’s won currency by late 2025 or early 2026, marking a crucial step toward digital asset adoption.