Naver to Acquire Upbit Parent Dunamu in Landmark Deal: Report
Seoul, Sept. 25, 2025 – South Korea’s largest internet company, Naver Corp., is reportedly moving to acquire Dunamu Inc., the operator of leading cryptocurrency exchange Upbit, in a deal that could reshape the country’s fintech and digital asset landscape.
According to local reports, the transaction will likely be structured as a stock swap, with Naver Financial, the company’s fintech arm, issuing new shares in exchange for Dunamu’s equity. If completed, the move would make Dunamu a wholly owned subsidiary of Naver Financial.
Naver Shares Surge on Reported Takeover
News of the potential acquisition sent Naver’s stock soaring more than 7%, closing at ₩246,000 ($175) on Wednesday. The rally underscores investor confidence in the tech giant’s expansion into blockchain and digital assets—areas where regulatory clarity in South Korea is rapidly evolving.
A Strategic Bet on Digital Finance
The reported deal comes as the South Korean government is finalizing a framework for won-pegged stablecoins and pushing for broader crypto regulation. Analysts say Naver’s acquisition of Upbit would cement its position in the nation’s financial services market, where it already operates Naver Pay and other digital banking services.
“Bringing Dunamu under Naver Financial would create a fintech powerhouse, bridging payments, trading, and blockchain infrastructure,” said a Seoul-based market analyst. “It positions Naver to compete head-to-head with Kakao and traditional banks.”
Ongoing Talks, No Final Agreement Yet
Naver confirmed in a regulatory filing that it is in discussions with Dunamu about potential collaborations, including a share swap. However, the company emphasized that no binding agreement has been reached.
The talks reportedly extend beyond crypto trading to areas such as stablecoins and unlisted-share trading platforms, signaling a broader strategic partnership.
Why This Deal Matters
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Upbit’s dominance: Upbit is one of South Korea’s top crypto exchanges, consistently ranking among the largest in global trading volumes.
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Naver’s fintech ambitions: With Dunamu under its umbrella, Naver Financial would gain a direct foothold in the fast-growing digital asset market.
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Regulatory timing: The deal comes just as South Korea looks to formalize rules for crypto and stablecoins, potentially giving Naver first-mover advantage.
What’s Next
Neither Naver nor Dunamu has commented publicly beyond regulatory disclosures. Market watchers expect further announcements in the coming weeks as negotiations progress.
If finalized, the acquisition would mark one of the biggest convergence deals between South Korea’s internet and crypto industries, potentially setting the stage for similar moves in other Asian markets.
What Naver’s Upbit Deal Means for South Korea’s Crypto
If finalized, Naver’s reported acquisition of Dunamu, the operator of Upbit, would represent a significant development in South Korea’s digital finance sector. Beyond expanding Naver Financial’s portfolio, the move could accelerate the integration of crypto into the country’s mainstream economy.
For consumers, the most immediate impact could come through greater accessibility. Upbit’s trading services, when paired with Naver Pay and other financial products, may give users a more seamless way to move between traditional banking and digital assets.
From a regulatory perspective, the timing is notable. The South Korean government is in the process of establishing rules for won-pegged stablecoins and digital asset oversight. A large, well-capitalized operator like Naver could set the tone for compliance, potentially influencing how smaller exchanges adapt to the new framework.
The acquisition could also reshape competition. With Kakao already active in fintech and blockchain, Naver’s entry into crypto at scale may lead to a more concentrated but also more stable marketplace, where a handful of major players set the pace of innovation.
Overall, the deal would mark a convergence of fintech, internet services, and digital assets, reinforcing South Korea’s position as one of the most advanced markets for crypto adoption globally.
