
Naver Financial confirms official $10.3 billion stock merger with Dunamu, set to make Upbit a wholly-owned subsidiary pending shareholder approval in May 2025.
On Nov. 26, Naver Financial announced an official $10.3 billion all-stock merger with Dunamu, operator of South Korea’s largest crypto exchange Upbit. The deal, valued via stock exchange, will make Dunamu a wholly-owned subsidiary of Naver Financial, with shareholder approval scheduled for May 22, 2025. The merger supports Naver’s plans to expand its digital asset services, including a KRW-pegged stablecoin and upcoming stablecoin wallet launch, integrating Upbit’s exchange capabilities into Naver’s fintech ecosystem.