In a significant move for South Korea”s cryptocurrency sector, Naver is poised to acquire Dunamu, which operates the dominant crypto exchange Upbit. This landmark stock-swap merger, valued at KRW 20 trillion (approximately $14.5 billion), aims to reshape the nation”s ambitions in global capital markets.
As the merger receives expected board approvals next week, Upbit, which currently controls about 70% of Korea”s crypto trading market, finds itself at the forefront of South Korea”s strategy to penetrate US financial markets. Analysts and investors are optimistic that this merger will create a conducive environment for Upbit”s long-speculated Nasdaq listing.
The market has responded positively to the news, with Dunamu”s unlisted shares exceeding KRW 400,000 for the first time in over three years. Additionally, Naver”s stock surged nearly 20% following the merger announcement, reflecting growing investor confidence in the potential of this combined entity.
Reports indicate that Upbit may soon venture into the US market, bolstered by Naver Financial”s acquisition of Dunamu. This merger will integrate Naver”s extensive fintech capabilities with Upbit”s significant market share, positioning the company for international operations.
The synergies between Naver”s technological infrastructure and Dunamu”s blockchain expertise are expected to facilitate long-term global integration. Experts suggest that this corporate structure will be more appealing to US regulators, potentially paving the way for a Nasdaq listing as early as 2026, contingent on market conditions.
The anticipated valuation of the merged entity is projected to reach around KRW 50 trillion, driven by Naver”s fintech scalability and Dunamu”s blockchain foundations. In the meantime, Bithumb, another major player in the Korean crypto market, is reportedly regaining its market share and preparing for its own listing efforts.
If approved, this merger will mark a pivotal moment for South Korea, positioning it as a frontrunner in Asia to bring a major cryptocurrency exchange to the Nasdaq, thereby enhancing its competitive stance within the global financial arena. As Naver and Dunamu prepare to combine their strengths, Upbit is set to play a crucial role in Korea”s ascent in the international crypto-fintech landscape.
