South Korea’s biggest crypto exchange, Upbit, may be positioning for a potential Nasdaq IPO, following confirmation that tech giant Naver is preparing to acquire its parent company, Dunamu, in a landmark stock-swap merger.
The move, expected to be approved at board meetings next week, would create one of Asia’s most powerful fintech–crypto conglomerates and accelerate Korea’s entry into US capital markets.
Naver–Dunamu Merger Ignites Upbit’s Nasdaq IPO
Reports, from Zoomer and Unfolded, citing Bloomberg, suggest that Upbit exchange could soon launch in the US.
The announcement comes only days after local reports that Naver Financial will acquire Dunamu through a KRW 20 trillion ($14.5 billion) stock exchange. This would make the Upbit operator a wholly owned subsidiary of the country’s dominant internet conglomerate.
The merger would combine Naver’s fintech ecosystem with Upbit’s 70% share of domestic crypto trading, instantly creating a global-scale digital finance platform.
Markets have already priced in one outcome: an eventual US listing. Dunamu’s unlisted shares surged past KRW 400,000 for the first time in over three years, while Naver stock jumped nearly 20% in the days following the merger announcement.
The union positions Upbit’s business under a politically safer, more globally recognizable corporate structure, one far more acceptable to Nasdaq regulators than a standalone crypto exchange.
Brokerage research indicates that the merged Naver–Upbit entity laid the groundwork for a potential Nasdaq IPO as early as 2026, depending on US market conditions.
Per the analysts, there is potential valuation of KRW 50 trillion, driven by Naver’s fintech dominance and Dunamu’s blockchain infrastructure “Giwa.”
For comparison, Coinbase currently trades above KRW 100 trillion on Nasdaq.
Speculation intensified when reports suggested Dunamu shareholders would receive Naver Financial stock at a 3:1 ratio, potentially making Dunamu Chairman Song Chi-hyung the largest shareholder of the merged company with just over 20%.
IPO Momentum Builds as Rivals Restructure
Upbit’s global ambitions come as domestic rivals pursue their own public-market paths. Bithumb, Korea’s second-largest exchange, has reportedly regained nearly 25% of the market share and is preparing for the public market.
Meanwhile, K Bank, Upbit’s main banking partner, was forced to pull its planned $700 million IPO last year amid alleged valuation concerns, intensifying scrutiny over Korean fintech listings.
In contrast, Upbit’s path to Wall Street appears strengthened by Naver’s backing. Merging with a big-tech brand reduces regulatory friction and offers “cover” for Dunamu’s long-delayed goal of a US listing.
If the merger proceeds as expected, South Korea may soon attempt what no major Asian crypto platform has achieved, a seat on Nasdaq, signaling a new chapter in the glo:bal crypto-fintech race.
