Naver-Dunamu Crypto ‘Mega-Company’ Could Be Worth $2.1B a Year – Experts
The proposed merger between Naver and the Upbit crypto exchange operator Dunamu may create a “mega firm” with earnings totaling $2.1 billion a yr, consultants declare.
Per reviews from the South Korean media shops Newsis and Wow TV, the Naver-Dunamu merger is “anticipated to generate KRW 3 trillion in consolidated working earnings.”
However, consultants say that “regulatory uncertainties” stay, with others this month speaking about five major legal obstacles standing in the companies’ way.
The shops interviewed Jang Ho-yoon, a researcher on the securities supplier Korea Investment & Securities.
The researcher defined that Naver “has at all times been comparatively undervalued” on the South Korean market, regardless of its rival Kakao “receiving a high valuation by enterprise enlargement.” He defined:
“The acquisition of Dunamu will enable Naver to totally enter the crypto trade. Stablecoins, specifically, may generate important synergy with Naver’s present promoting, commerce, and fintech companies.”
Naver is the nation’s largest web firm. Its subsidiary Naver Financial already operates a number of banking and e-pay platforms.
The agency hopes to merge Naver Financial with Dunamu, the proprietor of South Korea’s largest crypto buying and selling platform. The transfer would create Asia’s largest fintech firm. Jung defined:
“The trade expects the brand new agency to create a stablecoin ecosystem centered on Dunamu’s alternate enterprise and its GIWA protocol [Upbit’s Layer-2 Ethereum-based chain]. Combing this with Naver’s present companies will let it safe an advantageous place over opponents in each the crypto and common cost spheres.”
We’re thrilled to announce that $YGG is now listed on @official_Upbit spot (KRW).
Thank you to our unimaginable Korean Community!
https://t.co/g5WGmmxvJU
— Yield Guild Games (@YieldGuild) October 15, 2025
Trading Boom Incoming?
The researcher additionally predicted a coming increase in crypto buying and selling exercise. He mentioned that because the United States enters “a rate-cut cycle,” crypto buying and selling volumes are prone to enhance. Jung defined:
“As superior blockchain-powered companies, corresponding to stablecoins and tokenized securities, change into fashionable in Korea, numerous enterprise alternatives will open up for Naver.”
Jung opined that the merger would “open up numerous potentialities for Naver,” which has seen its valuation decline because of “a lack of latest development engines.”
And whereas some proceed to assert that regulatory approval for the merger remains to be up within the air, the researcher mentioned there was a “comparatively optimistic environment” across the deal.
While laws nonetheless forestall banks from participating in crypto-related enterprise, some say that these guidelines don’t apply to e-pay suppliers like Naver.
Jung mentioned that there’s uncertainty over the query of whether or not fintech corporations corresponding to Naver Financial needs to be thought of conventional monetary corporations. He mentioned:
“The ranges of uncertainty surrounding the merger aren’t very high.”
The researcher concluded that the proposed merger meant Naver could be “probably the most notable web large-cap inventory to observe subsequent yr.”
Naver Financial final month introduced a plan to successfully take over Dunamu in a proposed complete inventory swap deal.
Upbit has cornered over 70% of the South Korean market share, per recent estimations. The merger speak has stoked hypothesis that Naver Financial-Dunamu may look to go public on the NASDAQ alternate.
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