South Korean tech giant Naver has finalized the acquisition of Dunamu, the operator of cryptocurrency exchange Upbit, in an all-stock transaction valued at $10.3 billion. The deal, approved by both companies’ boards of directors on November 26, 2025, includes plans to launch a South Korean won-backed stablecoin and potentially pursue a Nasdaq listing.
The acquisition was executed through a share swap that transformed Dunamu into a subsidiary of Naver Financial. The exchange agreement involved a ratio of one Dunamu share for either 2.54 or three Naver Financial shares, according to market notes. Industry analysts project the combined entity could achieve valuations between $13.8 billion and $34.5 billion, reflecting anticipated synergies between payment systems and digital assets.
At the heart of the strategic vision is the development of an integrated digital financial services platform that combines payment settlement with custody and distribution of virtual assets. The cornerstone of this integration will be a stablecoin backed by the South Korean won, with Naver Pay managing issuance and Upbit handling distribution within their joint ecosystem.
According to a Mirae Asset Securities report cited in the documentation, if implemented successfully, the stablecoin business could generate up to 300 billion won annually by 2030.
Market impact and regulatory considerations
The merger creates significant implications for cryptocurrency markets and financial services in South Korea. For traders and treasury desks, the integration promises enhanced liquidity and introduces an additional reference asset for won-denominated operations, potentially altering funding and hedging dynamics in derivative instruments.
From a regulatory standpoint, the transaction still requires approvals from the Financial Supervisory Service (FSS) and the Fair Trade Commission (FTC). While the deal can be viewed as a move to consolidate operations under a regulated framework, it raises questions about market concentration and the supervision of integrated financial services.
On the international front, the combined entity has expressed intentions to raise Upbit’s global profile through a potential Nasdaq listing, aiming to access foreign capital markets and improve visibility among institutional investors.
The acquisition appears strategically timed to capitalize on growing institutional interest in regulated digital asset markets while creating a comprehensive financial ecosystem that bridges traditional payment systems with cryptocurrency services.
