Dunamu deal delayed to Sept as Naver faces regulation

South Korea’s Naver Financial has delayed the Dunamu deal, a share swap aimed at taking control of Dunamu’s Upbit parent, by nearly three months. A shareholder vote is now set for Aug. 18, with deal completion expected on Sept. 30, versus earlier late-May/early-June targets. Naver said the Dunamu deal still requires multiple regulatory approvals, including checks tied to changes in major shareholding and business-combination review. The company did not give a specific reason for the slip, but warned further postponements—and even cancellation—remain possible. The timeline may also be affected by South Korea’s proposed Digital Asset Basic Act, expected to take effect in H1 2026. Separately, Dunamu reported weaker 2025 performance as crypto activity cooled: revenue fell about 10% YoY, operating profit dropped 26.7%, and net profit declined 27.9%. For traders, the key implication is elevated execution risk around Upbit’s ownership structure. With regulatory uncertainty stretching the Dunamu deal schedule and policy moving into a new phase, near-term sentiment could stay cautious, even as the broader market waits for clearer guidance.