Naver Financial has outlined plans to take full ownership of Dunamu, the operator of Upbit, in a transaction valued at roughly USD 10 billion.
The move will place South Korea’s largest cryptocurrency exchange under the influence of Naver’s financial arm and comes amid continued convergence between traditional digital finance and blockchain-based services.
The agreement is structured as a share swap that will transfer all Dunamu equity to Naver Financial. According to the companies, each Dunamu share will be exchanged for just over 2.54 Naver Financial shares, with the transaction scheduled to become effective in late June 2026. To complete the process, Naver Financial intends to issue more than 87 million new shares.
Integration of crypto and digital finance services
The planned consolidation reflects Naver Financial’s aim to extend its position in payments, wealth services, and digital lending by adding Dunamu’s market-leading crypto infrastructure. Company officials indicated that existing operational structures would stay intact initially, though teams from both firms are expected to coordinate more closely on technology development and regulatory matters. Representatives from Naver said the deal is intended to streamline product development and strengthen the group’s capacity to operate across both conventional and blockchain-based segments.
Industry analysts note that Dunamu’s strong profitability provides a key incentive. Recent financial disclosures show double-digit revenue expansion and a sharp rise in net income, supported by Upbit’s dominant share of South Korea’s crypto trading activity. These results appear to have reinforced Naver Financial’s view that absorbing Dunamu could help diversify its income sources beyond payments and online commerce.
The merger arrives at a time when domestic regulators continue to refine rules for digital assets, and South Korean financial institutions are looking for clearer paths into the sector. By combining its existing fintech operations with Dunamu’s exchange and blockchain services, Naver Financial positions itself to compete more directly in the expanding digital asset market, both at home and potentially abroad.
