Upbit Secures KRW20T Naver-Dunamu Merger to Fuel Nasdaq IPO Push
Upbit is finalizing a KRW 20 trillion stock-swap merger between Naver Financial and Dunamu, its parent company, subject to FSS and FTC approval. The boards of Naver and Dunamu will meet on Nov 26, with a press conference on Nov 27 to confirm the deal. Once closed, Upbit will become a wholly owned subsidiary of Naver, integrating fintech services with its 70% share of South Korea’s crypto market. Upbit plans to file for a Nasdaq IPO, following peers such as Circle (CRCL), Bullish (BLSH) and Gemini (GEMI), with Kraken eyed for 2026. This Nasdaq IPO drive positions Upbit for greater US market exposure and potential capital inflows, although regulators will assess financial risks, competition concerns and the blending of licensed payment and virtual asset services.
Bullish
The planned Naver-Dunamu merger and subsequent Nasdaq IPO create a clear growth catalyst for Upbit. In the short term, news of a KRW 20 trillion deal and upcoming board approvals has boosted confidence in Upbit’s expansion strategy, likely increasing trading volumes on the platform. Longer term, successfully listing on Nasdaq would provide Upbit with significant capital inflows, enhanced credibility in the US market and a stronger competitive edge against regional rivals. While regulatory scrutiny remains a risk factor, the overall trajectory points to improved liquidity and market adoption, supporting a bullish outlook.