Upbit founders Song Chi-hyung and Kim Hyoung-nyon are now billionaires after selling the company to Naver’s finance division in a stock deal.
Song will receive $2.7 billion for his 19% stake, and Kim will receive $1.4 billion for his 10% stake, based on the combined company’s $13.6 billion value. Reports indicate that Song’s and Kim’s newfound fortunes place them among the world’s super-rich individuals.
November 2025 brought contrasting fortunes to cryptocurrency enthusiasts and investors. While some long-term holders counted their losses from the plummeting crypto prices, others, like South Korean tech entrepreneurs Song and Kim, made a killing by selling off their firm, Dunamu Inc., for over $10 billion.
Media reports indicate that the two parties have agreed to sell Dunamu, the parent company of Upbit, Korea’s premier cryptocurrency trading platform, to Naver Corp, one of the country’s leading tech giants. The deal will see Dunamu merge with Naver Financials, Naver Corp’s fintech division, creating a new entity.
The event marks a quick turnaround of the duo’s fortunes after the 2022 crypto winter ravaged their finances in 2023. It also represents a payoff of their labors and patience within the crypto ecosystem. Upbit has steadily established itself as South Korea’s de facto digital asset trading platform over the past 13 years. In that time, they have grown their global spot trading foothold to 5% from 1.4%.
Merger positions Naver as a global crypto and mobile payments powerhouse
It will be interesting to see how Naver’s acquisition of Dunamu plays out in the cryptocurrency space over the long term. Through it, the former will bring Upbit under its ambit, making the event one of the biggest M&As in the sector’s history. Both Naver and Dunamu have indicated a push for the global market, buoyed by their new association.
South Korea has more than 18 million people trading regularly, which is more than a third of the country’s total population. The citizens are deeply invested in digital finance, and crypto has become a significant part of their everyday lives, as the total trading volume of cryptocurrencies is sometimes larger than that of the stock market.
Upbit controls approximately 70% of the crypto market in South Korea and nearly 5% of global spot trading, so Naver now holds a very strong position in the market after acquiring Dunamu. The company will integrate payments with crypto trading on a single platform and expand globally to reach millions of people in other countries.
Experts say the deal will transform how companies in South Korea compete in the global finance market and position Naver as one of the most influential companies in crypto trading and mobile payments.
Song and Kim to invest $6.8 billion in AI and blockchain
Speaking in the backdrop of the merger’s confirmation, Song insisted that they would use $6.8 billion to fund AI and blockchain technology for building next-generation financial infrastructure over the next five years. He added, “We will create a new global platform order that goes beyond payments and encompasses all aspects of finance and daily life.”
On his part, Kim reiterated that the era of tokenization was coming to Korea. On that score, he emphasized the importance of Korea’s preparedness to lead in the borderless digital asset market.
Analysts are also weighing in on the potential impacts of the deal with popular crypto researcher Crypto King, saying it signals a rising institutional interest, which could lead to strong growth in the future. SmartKarma’s Douglas Kim, meanwhile, agrees with Song’s sentiments.
He believes the merger will help Upbit and Naver Pay, Naver’s mobile payment service, increase their competitiveness globally. He said, “The merger presents an opportunity to compete globally with overseas fintech firms like PayPal, Stripe, and Coinbase.”
The Naver-Dunamu record-setting merger in November coincided with another first for the crypto ecosystem. According to Cryptorank data, the month recorded the highest volume of crypto fundraising activities in history, reaching over $14 billion.
Besides Naver’s $10.3 billion acquisition of the Song-led company, other significant players were prediction market stalwart Kalshi, which attracted $1 billion at an $11 billion valuation. Among its funders were Sequoia, Paradigm, and a16z.
Additionally, Ripple secured a $500 million facility at a $40 billion valuation with Panthera Capital, Galaxy, and other institutional investors underwriting the round.
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