South Korea’s Upbit eyes Nasdaq listing after merger with tech giant Naver: report
Upbit plans a Nasdaq listing following its merger with South Korean tech giant Naver, according to a recent report.Summary
South Korea’s largest cryptocurrency exchange, Upbit, is reportedly preparing for a Nasdaq listing subsequent to its planned merger with the local internet conglomerate Naver via a stock-swap transaction. Upbit is operated by Dunamu, which agreed to this consolidation earlier this year. Details regarding the expected valuation, timeline, or underwriting banks for the potential U.S. listing have not yet been disclosed. This potential IPO follows a period of strong financial performance for Dunamu, which reported 85% year-over-year profit growth and tripled shareholder dividends. The move by Upbit comes as its rival, Bithumb, also pursues public market options, and a successful Nasdaq debut would mark a significant U.S. listing for an Asian crypto exchange.
(Source：The Block)