Upbit eyes Nasdaq IPO after $14.5B Naver merger deal
Crypto giant Upbit is considering a Nasdaq IPO following a $14.5 billion merger with Naver.
South Korea’s largest cryptocurrency exchange, Upbit, is moving closer to a potential Nasdaq listing after reports confirming that Korean internet giant Naver is preparing to acquire Dunamu — Upbit’s parent company — through a share-swap deal.
According to Cryptonews.com, the transaction, expected to be approved at a board meeting on November 26, would become one of the most significant corporate consolidations in Asia’s digital finance sector.
Data from a Korean news agency indicates that the merger terms call for Naver Financial to absorb Dunamu through a share swap valued at 20 trillion KRW ($14.5 billion).
Updated documents show that executives from both companies agreed to raise the exchange ratio to roughly 1:3.3–3.4 in favor of Dunamu, reflecting the crypto firm’s stronger financial performance. Dunamu’s operating profit in 2024 reached 1.186 trillion KRW, almost ten times higher than Naver Financial’s 103.5 billion KRW.
Strong performance and a path toward Nasdaq
The adjustment followed resistance from minority shareholders who argued that earlier proposals undervalued Upbit’s operator.
Once the deal is completed, Upbit will become a wholly owned subsidiary of Naver, allowing the nation’s leading crypto trading platform to fall under South Korea’s most globally recognized tech brand.
The successful merger would give Naver control over more than 70% of the domestic cryptocurrency trading volume. Upbit maintained a dominant market share throughout 2024 and 2025, reaching 80% in some months.
Data from the Financial Supervisory Service showed that in just the first half of 2025, the exchange processed 833 trillion KRW ($642 billion) in transactions, far surpassing competitors Bithumb, Coinone, Korbit, and GOPAX.
Analysts believe the move could pave the way for a Nasdaq debut as early as 2026 if market conditions stabilize.
As we wrote, Upbit returns to South Korea after appealing work ban
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