Upbit and Naver Financial Merger in $34B Nasdaq IPO Push
The Upbit and Naver Financial merger combines South Korea’s largest internet firm with the country’s top crypto exchange. Valued at ₩50 trillion ($34 billion), the deal via share swap gives Dunamu investors 30% of the combined entity. This Upbit and Naver Financial merger underscores Upbit’s liquidity and Naver’s digital reach. The merger aims to list on Nasdaq to access higher valuation multiples, with Upbit’s daily trading volume rivaling Nasdaq-listed peers. The integrated Web3 finance platform will offer Naver Pay’s tens of millions of users fiat payments, crypto trading, cross-border remittances and a Korean-won stablecoin. The stablecoin initiative taps recent regulatory easing on bank participation, targeting retail payments and cross-border settlement. The deal faces Korean antitrust review and a $25.7 million FIU fine over weak KYC controls. If approved, the merger could create an Asian crypto powerhouse and boost trading volumes, making it a key catalyst for market sentiment.
Bullish
This merger combines Upbit’s market-leading exchange with Naver’s extensive digital ecosystem. In the short term, the $34 billion valuation and Nasdaq listing plans are expected to drive trading volume and positive sentiment. Over the long term, the integrated stablecoin and Web3 finance services can open new revenue streams and strengthen competitiveness. Regulatory approval and antitrust review are key risks, but a successful merger would cement Asia’s position in the crypto market and spur broader industry growth.