Naver Financial to Acquire Upbit Operator Dunamu for $10.3B
Naver Financial, the fintech unit of South Korean technology company Naver, said it plans to acquire Upbit operator Dunamu through a stock-swap transaction valued at approximately 15.1 trillion won ($10.3 billion), according to a Wednesday filing.
Under the agreement, Naver Financial will issue 87.56 million new shares to Dunamu shareholders, after which Dunamu will become a wholly owned subsidiary of Naver Financial. The exchange terms were set using an external discounted cash flow valuation, which established a corporate value ratio of 1:3.064569 and, after adjustments for outstanding shares, a final exchange price ratio of 1:2.5422618.
Dunamu’s crypto exchange Upbit is a leading platform in South Korea’s digital asset market. For the latest fiscal year, Dunamu reported total assets of $10.4 billion and equity of $4 billion.
Shareholders to vote on the deal in May 2026
Shareholders of both companies are scheduled to vote on the stock swap at general meetings on May 22, 2026, with the share exchange date set for June 30, 2026. Shareholders who oppose the transaction may exercise appraisal rights at $117 per Naver Financial share, with requests accepted from May 22 to June 11, 2026. The deal may be terminated if appraisal demands exceed $814 million at either company, unless both parties agree to amend the threshold.
The transaction remains subject to regulatory approvals, including a business combination review by the Fair Trade Commission and changes in major shareholder status under the Act on the Use and Protection of Credit Information. The filing noted that delays or cancellation are possible depending on the progress of these approvals.
Naver to pursue stablecoin project next
Naver Financial’s plan to acquire Dunamu was initially disclosed in September. At that time, it was indicated that Naver Financial would pursue a Korean won-backed stablecoin and other digital finance initiatives following completion of the acquisition.
The announcement comes amid a more favorable regulatory outlook for digital assets in South Korea. In June, eight major South Korean banks outlined plans to launch won-pegged stablecoins by late 2025 or early 2026, following the election of President Lee Jae-myung, whose administration has adopted a more supportive stance toward the sector.
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