Korean crypto ambitions rise as Upbit gains a clearer path to Nasdaq

• Naver plans to acquire Dunamu in a KRW 20 trillion stock exchange.
• Upbit controls around 70% of Korea’s crypto trading market.
• Dunamu’s unlisted shares surpassed KRW 400,000 after the merger news.

South Korea’s crypto and fintech landscape is shifting rapidly as Naver prepares to acquire Dunamu in a landmark stock-swap merger that could reshape the country’s global ambitions.

The deal, expected to move through board approvals next week, places Upbit at the centre of Korea’s broader plan to expand into US capital markets.

The move has also revived momentum around a potential Nasdaq listing, with investors and analysts treating the merger as a structural reset that creates the most favourable environment yet for international expansion.

With market prices already reacting, the development signals a new phase for how Korea aims to position itself within the global crypto-fintech race.

Upbit’s position strengthens

Reports from Zoomer and Unfolded indicate that Upbit may be preparing to move into the US market.

This follows local confirmation that Naver Financial intends to acquire Dunamu through a KRW 20 trillion ($14.5 billion) stock exchange.

Once completed, the deal would make the Upbit operator a fully owned subsidiary of South Korea’s dominant internet group.

The merger would connect Naver’s broad fintech network with Upbit’s roughly 70% share of domestic crypto trading.

This creates a platform capable of operating on an international scale and opens new pathways for Upbit to expand beyond its core market.

The alignment of Naver’s technology reach with Dunamu’s blockchain capabilities is seen as a decisive advantage that supports long-term global integration.

Market signals reflect rising expectations

The financial markets have already responded to the merger’s implications.

Dunamu’s unlisted shares climbed above KRW 400,000 for the first time in more than three years.

Naver stock also surged nearly 20% in the days after news of the acquisition emerged.

These market movements reflect growing confidence that the merged entity will target an eventual entrance into the US capital markets.

Experts note that integrating Upbit under Naver creates a corporate structure that is more familiar to US regulators and therefore more suitable for a potential Nasdaq listing.

Research suggests that a listing could be possible as early as 2026, depending on broader market conditions.

Forecasts place the combined valuation of the Naver–Dunamu entity at around KRW 50 trillion, driven by Naver’s fintech scale and Dunamu’s blockchain infrastructure Giwa.

Upbit’s global momentum comes as competitors adjust their public-market plans.

Bithumb, the second-largest crypto exchange in Korea, has regained about 25% of its domestic market share and is reportedly preparing for its own listing attempt.

A new chapter for Asia’s crypto-fintech growth

If approved, the Naver–Dunamu merger could make Korea the first in Asia to attempt to bring a major crypto exchange to Nasdaq.

The development represents a significant step in the region’s broader move to compete more aggressively in global financial markets.

As Naver and Dunamu prepare to combine their strengths, Upbit is emerging as a central player in the next phase of Korea’s push toward international crypto-fintech leadership.

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