Naver Financial Corp., the fintech arm of South Korea’s internet giant Naver Corp., has announced a major corporate move to acquire Dunamu Inc., the operator of the country’s largest cryptocurrency exchange, Upbit. The deal, structured as a comprehensive share-swap, positions Naver Financial as a leading player in South Korea’s fast-growing digital finance and blockchain industry.
Naver Financial confirms acquisition to secure digital asset growth
According to a regulatory filing, Naver Financial’s board approved the full acquisition of Dunamu on Wednesday. The company stated that the move aims to “secure new future growth engines based on digital assets.” The merger will take place through a stock exchange, with each Dunamu share converted to 2.54 Naver Financial shares. The effective date for the share exchange has been set for June 30, 2026.
To facilitate this transaction, Naver Financial will issue 87.56 million new shares, valued at approximately 15.13 trillion won (US$10.28 billion). Each Naver Financial share is priced at 172,780 won ($117.47). Once finalized, Dunamu will become a wholly owned subsidiary of Naver Financial, placing the country’s top cryptocurrency exchange directly under the fintech division of Naver Corp.
Dunamu’s leadership and ownership structure
Following the transaction, Song Chi-hyung, chairman of Dunamu, will become the largest shareholder of Naver Financial, holding a 19.5% stake. Naver Corp.’s ownership will be diluted to 17%, making it the second-largest shareholder. Although the deal is officially categorized as Naver Financial acquiring Dunamu, industry analysts have described it as having the characteristics of a reverse merger, due to the resulting ownership structure that gives Dunamu’s existing shareholders substantial voting power in Naver Financial.
Naver is expected to retain delegated voting rights from Dunamu’s management, ensuring it maintains effective control over Naver Financial in accounting terms. As a result, Dunamu’s substantial profits, which exceed 1 trillion won annually, will be reflected in Naver’s consolidated financial statements through its fintech subsidiary. On the day of the announcement, Naver’s stock rose 4.15% to close at 263,500 won.
Strategic impact and business synergies
The merger is expected to significantly strengthen Naver’s position in digital finance, especially in the blockchain and cryptocurrency sectors. Industry experts believe this acquisition reflects Naver’s ambition to build an integrated “super app” that could merge traditional financial services like payments, savings, and investments with blockchain-based digital asset trading.
Naver Pay, which already handles 80 trillion won in annual transaction volume and serves over 34 million users, is seen as a key platform that could integrate with Dunamu’s blockchain infrastructure. Lee Ji-eun, an analyst at Daeshin Securities, said,
“The two companies are apparently seeking to accelerate the establishment of a won-based stablecoin ecosystem in Korea. They seem to be aiming to issue a stablecoin, link it to Naver Pay and secure real-world payment use cases.”
Chung Ui-hoon, an analyst at Eugene Investment & Securities, added that Naver is “poised to take a leading role in the domestic won-based stablecoin market,” noting its broad digital ecosystem ranging from e-commerce and digital content to fintech services.
Regulatory reviews and IPO potential
While the acquisition opens the door to large-scale innovation and potential global expansion, regulatory hurdles remain. The Fair Trade Commission and Financial Services Commission will need to review the merger, especially regarding exceptions to the country’s separation of finance and industry laws and potential restrictions surrounding stablecoin issuance.
Market watchers also see the deal as paving the way for future public listings. Reports suggest that the merged entity could eventually pursue an initial public offering (IPO) not only domestically but also on the U.S. Nasdaq. Some industry speculation even points to the potential merger of the integrated entity with Naver’s headquarters, though no official plans have been confirmed.
If the integration proceeds smoothly, analysts expect the new entity to be valued at around 20 trillion won (US$13.6 billion), establishing it as a cornerstone in South Korea’s evolving digital finance landscape.
Jordan V.
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