Crypto Giant Upbit Eyes Nasdaq IPO After Shock Merger With Naver: Report

South Korea’s largest cryptocurrency exchange, Upbit, is moving closer to a potential listing on Nasdaq after reports confirmed that internet giant Naver is preparing to acquire its parent company, Dunamu, through a multibillion-dollar stock-swap merger.

The deal, expected to be approved at board meetings on November 26, would mark one of the most significant corporate consolidations in Asia’s digital finance sector.

Dunamu’s 10x Profit Advantage Drives New Terms in Naver’s $14.5B Merger Plan

According to a local news source, the merger terms indicate that Naver Financial will absorb Dunamu in a KRW 20 trillion ($14.5 billion) equity exchange.

Once completed, Upbit would become a wholly owned subsidiary of Naver, placing the country’s dominant crypto trading platform under the umbrella of Korea’s most internationally recognizable tech brand.

Analysts say the shift could strengthen the road to a Nasdaq debut as early as 2026 if market conditions stabilize.

In updated filings, executives from both firms agreed to raise the exchange ratio to roughly 1:3.3–3.4 in favor of Dunamu, reflecting the crypto company’s stronger financial performance.

Dunamu posted KRW 1.186 trillion in operating profit at the end of 2024, nearly ten times Naver Financial’s 103.5 billion won.

The revised ratio followed pushback from minority shareholders who argued that earlier proposals undervalued the Upbit operator.

Sources familiar with the negotiations described the adjusted terms as necessary to “ensure a smooth integration” and secure approval from all major stakeholder groups.

A successful merger would give Naver control of more than 70% of domestic crypto trading volume. Upbit’s grip on the local market has remained firm through 2024 and 2025, reaching as high as 80% during certain months.

Data from the Financial Supervisory Service showed that the exchange handled 833 trillion won ($642 billion) in transactions in the first half of 2025 alone, far outpacing rivals Bithumb, Coinone, Korbit, and GOPAX.

Upbit Aligns With 2025’s Crypto IPO Boom With Strong Earnings and Naver Support

Despite the dominance, Upbit has previously faced regulatory scrutiny over KYC procedures and broader compliance issues.

A temporary court ruling lifted one of the onboarding restrictions earlier this year, but the exchange has continued to attract attention from Seoul’s financial committees.

The merger with Naver is widely viewed across the industry as a way to stabilize the company’s regulatory profile ahead of any US listing attempt.

The timing also aligns with a renewed wave of crypto companies entering public markets.

2025 produced a series of major IPOs, including Circle, Bullish, Figure Technologies, Gemini, and BitGo, all taking advantage of stronger digital-asset valuations and clearer US policy frameworks.

Stablecoin issuers, custodians, and trading platforms have collectively raised billions as investors pivot toward firms with verifiable revenue and mature governance structures.

Galaxy Digital also moved its listing to Nasdaq earlier this year, and Kraken confidentially filed for a 2026 IPO.

At the same time, Upbit’s domestic rival Bithumb has accelerated its own path to public markets.

The exchange spun off non-core operations in mid-2025 and hired Samsung Securities to lead its planned KOSDAQ listing while also exploring a possible dual listing on Nasdaq.

The company’s progress has been aided by the acquittal of its former chairman, a long-running obstacle to its IPO efforts.

Upbit’s parent company has posted consistent profitability throughout 2024 and 2025, with Dunamu reporting a $165 million net income in the third quarter of this year, a 300% year-over-year increase.

Combined with strong cash flow, expanding user activity, and Naver’s global footprint, analysts say the conditions for a future US IPO are becoming more defined, even if the listing is not on next week’s board agenda.

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