Crypto Giant Upbit Eyes Nasdaq IPO After Shock Merger With Naver: Report
South Korea’s largest cryptocurrency change, Upbit, is shifting nearer to a possible itemizing on Nasdaq after experiences confirmed that web big Naver is making ready to acquire its guardian firm, Dunamu, by means of a multibillion-dollar stock-swap merger.
The deal, anticipated to be permitted at board conferences on November 26, would mark one of the crucial important company consolidations in Asia’s digital finance sector.
According to a local news source, the merger phrases point out that Naver Financial will soak up Dunamu in a KRW 20 trillion ($14.5 billion) fairness change.
Once accomplished, Upbit would turn out to be a completely owned subsidiary of Naver, inserting the nation’s dominant crypto buying and selling platform beneath the umbrella of Korea’s most internationally recognizable tech model.
Analysts say the shift might strengthen the highway to a Nasdaq debut as early as 2026 if market circumstances stabilize.
In up to date filings, executives from each companies agreed to boost the change ratio to roughly 1:3.3–3.4 in favor of Dunamu, reflecting the crypto firm’s stronger monetary efficiency.
Dunamu posted KRW 1.186 trillion in working revenue on the finish of 2024, practically ten instances Naver Financial’s 103.5 billion gained.
The revised ratio adopted pushback from minority shareholders who argued that earlier proposals undervalued the Upbit operator.
Sources aware of the negotiations described the adjusted phrases as essential to “guarantee a easy integration” and safe approval from all main stakeholder teams.
A profitable merger would give Naver control of more than 70% of domestic crypto trading volume. Upbit’s grip on the native market has remained agency by means of 2024 and 2025, reaching as high as 80% throughout sure months.
Data from the Financial Supervisory Service confirmed that the change dealt with 833 trillion gained ($642 billion) in transactions within the first half of 2025 alone, far outpacing rivals Bithumb, Coinone, Korbit, and GOPAX.
Despite the dominance, Upbit has previously faced regulatory scrutiny over KYC procedures and broader compliance points.
@Official_Upbit faces billions in fines for over 700,000 KYC violations as South Korea tightens its crypto laws.#Upbit #FSChttps://t.co/SZzYlT4ted
— Cryptonews.com (@cryptonews) February 18, 2025
A brief court docket ruling lifted one of many onboarding restrictions earlier this yr, however the change has continued to attract attention from Seoul’s financial committees.
South Korea is ready to hit main crypto exchanges with new penalties over anti-money laundering failures, signaling a more durable enforcement part for the trade.#SouthKorea #CryptoAML https://t.co/9r42trYMmE
— Cryptonews.com (@cryptonews) November 24, 2025
The merger with Naver is broadly seen throughout the trade as a option to stabilize the corporate’s regulatory profile forward of any US itemizing try.
The timing additionally aligns with a renewed wave of crypto corporations coming into public markets.
2025 produced a collection of main IPOs, together with Circle, Bullish, Figure Technologies, Gemini, and BitGo, all benefiting from stronger digital-asset valuations and clearer US coverage frameworks.
@Grayscale Investments has filed for an preliminary public providing (IPO) of its Class A typical inventory with the SEC.#Grayscale #IPOhttps://t.co/fHITSOanIs
— Cryptonews.com (@cryptonews) November 13, 2025
Stablecoin issuers, custodians, and buying and selling platforms have collectively raised billions as buyers pivot towards companies with verifiable income and mature governance constructions.
Galaxy Digital additionally moved its itemizing to Nasdaq earlier this yr, and Kraken confidentially filed for a 2026 IPO.
At the identical time, Upbit’s home rival Bithumb has accelerated its own path to public markets.
The change spun off non-core operations in mid-2025 and employed Samsung Securities to steer its deliberate KOSDAQ itemizing whereas additionally exploring a potential twin itemizing on Nasdaq.
The firm’s progress has been aided by the acquittal of its former chairman, a long-running impediment to its IPO efforts.
Upbit’s guardian firm has posted constant profitability all through 2024 and 2025, with Dunamu reporting a $165 million internet revenue within the third quarter of this yr, a 300% year-over-year enhance.
Combined with robust money movement, increasing person exercise, and Naver’s world footprint, analysts say the circumstances for a future US IPO have gotten extra outlined, even when the itemizing isn’t on subsequent week’s board agenda.
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