South Korean Crypto Giant Upbit Prepares Nasdaq Bid After Major Merger With Naver

Upbit Charts U.S. Listing Course Through Dunamu-Naver Tie-Up

Upbit’s plans were reported exclusively by Seoul Economic Daily (sedaily.com), which said the exchange’s parent company Dunamu and Naver Financial are in the midst of arranging a comprehensive stock-swap deal that would fold Dunamu into Naver Financial before pursuing a U.S. offering. Bitcoin.com News previously reported on Naver’s planned acquisition of Upbit’s operator Dunamu through a stock swap at the end of September.

The sedaily.com report noted that both companies are expected to meet this week to approve a revised exchange ratio, with discussions centering on a range near 1:3.3 to 1:3.4 in favor of Dunamu. According to the outlet, Dunamu’s operating performance and long-term expectations played a central role in the exchange-ratio adjustment.

The company’s flagship platform, Upbit, processed $1.81 billion in global volume over the past 24 hours, making it one of the most heavily used digital asset marketplaces worldwide and the dominant player in South Korea. Upbit’s competitor, Bithumb, processed around $736 million on Monday, and it too is eying an initial public offering (IPO).

Once the stock swap is completed, Dunamu would become a wholly owned subsidiary of Naver Financial, and shareholders of both firms would assume positions within the broader Naver Financial structure. The sedaily.com article added that Dunamu Chairman Song Chi-hyung and Naver founder Lee Hae-jin are scheduled to outline merger details at a joint press conference following the board approvals.

Also read: Report: South Korea’s Bithumb to Spin Off Non-Core Units Ahead of IPO

The decision to pursue a Nasdaq listing rather than list in Seoul is reportedly linked to valuation considerations and concerns about dual-listing complications. Because Naver is already a KOSPI-listed company, a U.S. route is seen as a cleaner way to position the combined operation without adding regulatory friction. With President Trump at the helm, the U.S. has treated these financial products with noticeably warmer regulatory vibes.

The two sides view an American listing as essential for navigating the competitive global crypto market. Upbit’s reach is broad in terms of trading volume, but the exchange faces limits in international recognition due to South Korea’s regulatory environment. Integrating with Naver’s financial network is seen as a way to support broader expansion and offer a more stable structure for overseas investors.

Industry analysts told Seoul Economic Daily that the merger will also influence governance dynamics. While Dunamu’s leadership is expected to delegate certain voting powers to Naver, the companies reportedly do not plan a full consolidation of Naver, Naver Financial, and Dunamu into a single entity, citing regulatory constraints and strategic differences.

The timeline for the Nasdaq listing has not been finalized, though both parties have agreed to move forward once the merger’s framework is complete. Naver officials stressed that details remain under review as preparations continue.

FAQ ❓

• What is Upbit planning? Upbit is preparing to pursue a Nasdaq listing after its merger with Naver Financial.
• Who reported the merger details? Seoul Economic Daily exclusively reported the merger and listing plans.
• Why choose Nasdaq over Korea? A U.S. listing avoids dual-listing issues and may offer stronger global valuation.
• How large is Upbit’s market activity? It’s South Korea’s largest exchange by volume. Upbit processed $1.81 billion in crypto trading volume over the past day.