Naver, the South Korean web big, is ready to formally affirm its plan to amass Upbit’s guardian firm Dunamu at subsequent week’s board assembly. Dunamu can even maintain a board assembly on November 26 to finalize the small print.
Based on studies, Naver plans to make use of its fintech subsidiary, Naver Monetary, for a full fairness swap to amass Dunamu, the operator of Upbit, Korea’s largest crypto alternate.
JUST IN: Naver is ready to amass Upbit guardian Dunamu through full fairness swap, with a South Korean gained stablecoin in view. pic.twitter.com/3U3kUL2t7B
— Cryptopolitan (@CPOfficialtx) November 19, 2025
In observe, a inventory swap permits two corporations to alternate shares as a substitute of money, making a parent-subsidiary sort governance construction. In the end, the transfer is seen as a approach for Naver to cement its entry into digital finance and crypto markets.
Dunamu to seize the most important shareholder
After the 2 corporations affirm the plan at their respective board conferences subsequent week, they have to get approval at a shareholders’ assembly to formally begin integration procedures.
Trade sources estimate the share-swap ratio between Naver and Dunamu to fall within the vary of 1 to three or 1 to 4. In different phrases, the inventory alternate ratio is on the stage of about 15 trillion gained in Dunamu and 5 trillion gained in Naver Monetary, which have develop into the mainstream available in the market since final month.
As soon as the acquisition is finalized, Tune Chi-hyung, chairman of Dunamu, will develop into the most important shareholder by securing about 28% of the built-in company. Naver (70% of Naver Monetary), the earlier largest shareholder, will probably be diluted to 17%, falling to the second largest shareholder.
Mirae Asset Securities, Naver Monetary’s second-largest shareholder (holding a 30% stake), agrees to the merger itself however expresses remorse over the valuation calculation.
“It’s conservative to judge Naver Monetary at 5 trillion gained when Kakao Pay’s market cap is round 7 trillion gained,” a high-ranking Mirae Asset official stated. “Then again, Dunamoo has a construction by which Naver Chairman Lee Hae-jin has made loads of concessions because the merger ratio has been calculated at a time when its present worth is at a excessive level.”
Moreover, some within the business have famous that the merger of the 2 corporations may conflict with the monetary authorities’ separation of finance and digital belongings regulation. Nevertheless, because the authorities are stated to have decided that the merger doesn’t violate the separation rule, the merger course of is reportedly transferring forward at a brisk tempo.
As reported by Cryptopolitan, Naver Monetary processes annual cost volumes value 80 trillion Korean gained ($58b). In distinction, pairing that scale with Dunamu’s Upbit platform, ranked the No. 1 alternate in Korea and No. 4 globally, is predicted to create one of many strongest alliances but between South Korea’s tech and crypto sectors.
Dunamu and Naver plan to launch a won-backed stablecoin challenge
The 2 companies are anticipated to launch a won-backed stablecoin challenge, together with different digital finance initiatives. They plan to make use of the deal as a springboard for world enlargement.
Domestically, for years, Upbit has loved a dominant place in South Korea, holding above 80% of market share in some months since 2022. That dominance has triggered criticism from lawmakers, who argue that Dunamu’s grip on the alternate market dangers making a monopoly.
Extra not too long ago, market dynamics have undergone important shifts. On the finish of Q3, Bithumb’s home share climbed to 46%. Moreover, Bithumb shaped a partnership with World Liberty Monetary, a crypto enterprise related to US President Donald Trump. Upbit held 50.6%. Because of this, competitors has tightened. This raises the stakes for Naver because it seeks management of Dunamu.
Nevertheless, crypto buying and selling in South Korea is closely restricted to South Korean residents. The deal underscores a worldwide development of web and fintech giants steadily colonising crypto rails to broaden their companies.
