Naver Financial officially confirms merger with Upbit crypto exchange
Naver Financial confirmed it will acquire Dunamu, the operator of Upbit, as a wholly-owned subsidiary via a stock swap.Summary
Naver Financial, the fintech arm of South Korean giant Naver, officially confirmed its merger with Dunamu, the company operating South Korea's largest crypto exchange, Upbit. The integration will occur through a stock-swap transaction, effective June 30, 2026, with an exchange ratio of 2.5422618 Naver Financial shares for one Dunamu share. To facilitate this, Naver Financial plans to issue 87.56 million new shares, valued at about $10.28 billion. This merger aims to secure future growth momentum based on digital assets and expand strategic cooperation between the two entities, aligning with South Korea's goal to become a digital finance hub. Dunamu's operating company recently reported strong Q3 growth, with revenue up 35% and net profit rising 145% quarter-over-quarter.
(Source：The Block)