South Korea's largest cryptocurrency exchange, Upbit, is reportedly planning to list on the Nasdaq stock exchange following a multi-billion dollar merger between its parent company, Dunamu, and South Korean tech giant Naver. The deal, which is expected to receive final board approval on November 26, 2025, is structured as a stock-swap merger valued at approximately 20 trillion KRW ($14.5 billion USD).
The merger will result in Dunamu becoming a wholly-owned subsidiary of Naver Financial, potentially paving the way for Upbit to access the U.S. public markets. According to reports, the decision to pursue a Nasdaq listing is influenced by considerations of valuation and a desire to avoid dual-listing issues, which a domestic listing in South Korea would entail.
The terms of the merger were recently adjusted to raise the exchange ratio to roughly 1:3.3-3.4 in favor of Dunamu, reflecting the crypto firm's robust financial performance. This adjustment followed complaints from minority shareholders who felt that earlier proposals undervalued Dunamu. Dunamu posted an impressive operating profit of 1.186 trillion KRW at the end of 2024, which is nearly ten times higher than Naver Financial's 103.5 billion KRW. The company's strong performance continued into 2025, with a net income of $165 million in the third quarter, marking a 300% year-over-year increase.
Upbit has maintained a dominant position in the South Korean cryptocurrency market, consistently handling over 70% of the nation's crypto trading volume. In some months, this figure has reached as high as 80%. Data from the Financial Supervisory Service indicates that Upbit processed 833 trillion KRW ($642 billion USD) in transactions during the first half of 2025 alone. Over the past 24 hours, Upbit processed $1.81 billion in global trading volume. By comparison, its closest competitor, Bithumb, processed around $736 million. Bithumb is also reportedly considering an IPO.
Analysts suggest that the merger and subsequent Nasdaq listing could occur as early as 2026, assuming market conditions remain stable. The combination of Naver's established presence and Upbit's market dominance could accelerate the adoption of digital assets in commerce and finance within South Korea. Currently, more than one-third of South Korea's population, approximately 18 million people, are involved in trading digital assets.
Naver has been actively expanding its fintech services. On November 5, 2025, Naver reported that its quarterly revenue exceeded 3 trillion South Korean won (approximately $2.04 billion USD) for the first time in the third quarter, driven in part by the integration of artificial intelligence into its search platform and commerce businesses. The company's fintech revenue increased by 12.5% year-over-year and 5.2% quarter-over-quarter, reaching 433.1 billion South Korean won (approximately $294.5 million USD). Naver Pay's total payment volume in Q3 reached KRW 22.7 trillion (approximately $15.4 billion USD), up 21.7% from the same period last year.
In September 2025, Naver Pay acquired a 70% stake in Securities Plus Unlimited, an unlisted stock trading platform, demonstrating its commitment to expanding its role in the fintech sector.
The potential Nasdaq listing of Upbit is part of a broader trend of crypto firms seeking to capitalize on renewed public market interest.
