Upbit Plans Nasdaq Listing Following Naver’s Acquisition of Parent Company

Upbit, South Korea's largest cryptocurrency exchange, is considering a Nasdaq listing.
Naver plans to acquire Upbit’s parent company, Dunamu, in a KRW 20 trillion ($14.5 billion) stock-swap merger.
The merger would make Upbit a wholly owned subsidiary of Naver, integrating its fintech services with Upbit's 70% market share in Korea's crypto sector.
The boards of both companies will meet on November 26 to approve the merger, with a press conference scheduled for November 27.
Dunamu shareholders will exchange their ownership for equity in Naver Financial, with major holders expected to secure close to 30% of the merged entity.
The merger requires regulatory approval from South Korea’s Financial Supervisory Service (FSS) and the Fair Trade Commission (FTC).
Regulators will assess potential risks of combining a payment service provider with a virtual asset exchange.
The decision could influence future integration between traditional finance and digital asset platforms in South Korea.