Naver Financial, the fintech arm of South Korea’s internet giant Naver, has officially confirmed its merger with Dunamu — the company behind the country’s largest cryptocurrency exchange, Upbit. The deal positions both companies to accelerate their push into South Korea’s rapidly expanding digital asset and fintech ecosystem.
According to the disclosure filed on the Financial Supervisory Service’s DART system, Dunamu will become a wholly-owned subsidiary of Naver Financial through a stock-swap transaction. The filing states that 1 Dunamu share will be exchanged for 2.5422618 Naver Financial shares, with the effective date set for June 30, 2026.
To complete the transaction, Naver Financial will issue 87.56 million new shares, valued at approximately 15.13 trillion won ($10.28 billion). Each Naver Financial share was priced at 172,780 won ($117.47) for the deal.
Naver Financial said the merger aims to “secure future growth momentum based on digital assets,” reflecting a strategic shift as South Korea works to establish itself as a global leader in digital finance. While both companies will deepen operational and strategic cooperation, detailed structural changes within Naver Financial have yet to be announced.
Earlier reports suggested that Upbit may seek a Nasdaq listing following the merger, but the company has not confirmed any IPO plans.
The merger joins two of South Korea’s most influential digital players. Naver, established in 1999, operates the country’s biggest search engine and an extensive fintech network through Naver Pay. The company posted 3.14 trillion won ($2.32 billion) in revenue and 570.6 billion won ($422.67 million) in operating profit during the third quarter.
Dunamu, meanwhile, continues to benefit from increased trading activity on Upbit. The firm reported 385.9 billion won ($262.87 million) in Q3 revenue, up 35% quarter-over-quarter, while net profit surged 145% to 239 billion won ($162.8 million).
If completed as planned, the merger will create one of Asia’s most powerful digital finance alliances, blending Naver’s fintech infrastructure with Dunamu’s dominance in blockchain and cryptocurrency services — setting the stage for major disruption in South Korea’s financial landscape.
