Naver, the South Korean web large, is about to formally verify its plan to accumulate Upbit’s guardian firm Dunamu at subsequent week’s board assembly. Dunamu can even maintain a board assembly on November 26 to finalize the main points.
Based on stories, Naver plans to make use of its fintech subsidiary, Naver Monetary, for a full fairness swap to accumulate Dunamu, the operator of Upbit, Korea’s largest crypto change.
JUST IN: Naver is about to accumulate 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 apply, a inventory swap permits two corporations to change shares as a substitute of money, making a parent-subsidiary kind governance construction. Finally, the transfer is seen as a method for Naver to cement its entry into digital finance and crypto markets.
Dunamu to seize the most important shareholder
After the 2 corporations verify the plan at their respective board conferences subsequent week, they need 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 change ratio is on the stage of about 15 trillion gained in Dunamu and 5 trillion gained in Naver Monetary, which have change into the mainstream available in the market since final month.
As soon as the acquisition is finalized, Music Chi-hyung, chairman of Dunamu, will change into the most important shareholder by securing about 28% of the built-in company. Naver (70% of Naver Monetary), the earlier largest shareholder, shall 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 guage 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 a whole lot 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 might 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 shifting forward at a brisk tempo.
As reported by Cryptopolitan, Naver Monetary processes annual cost volumes price 80 trillion Korean gained ($58b). In distinction, pairing that scale with Dunamu’s Upbit platform, ranked the No. 1 change in Korea and No. 4 globally, is anticipated 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 undertaking
The 2 companies are anticipated to launch a won-backed stablecoin undertaking, together with different digital finance initiatives. They plan to make use of the deal as a springboard for world growth.
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 change market dangers making a monopoly.
Extra lately, market dynamics have undergone vital shifts. On the finish of Q3, Bithumb’s home share climbed to 46%. Moreover, Bithumb fashioned 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 pattern of web and fintech giants steadily colonising crypto rails to broaden their companies.
