Naver to Acquire Upbit Operator Dunamu in $10.3 Billion All-Stock Deal

Naver Financial, which is the fintech division of South Korea's tech giant Naver, has announced its intention to acquire Dunamu, the operator of the Upbit cryptocurrency exchange. This stock-swap deal is valued at approximately 15.1 trillion won, equivalent to $10.3 billion.

Key Takeaways

Naver Financial is acquiring Dunamu, the operator of Upbit, for about $10.3 billion.
Shareholders will vote on the deal on May 22, 2026, with a stock exchange date set for June 30, 2026.
Shareholders opposing the deal can exercise appraisal rights at $117 per share for a limited time.
The deal requires regulatory approvals, with potential delays or cancellations possible.
Naver plans to launch a Korean won-backed stablecoin project following the acquisition.

Naver to acquire Upbit operator Dunamu in $10.3B all-stock deal

According to a filing made on Wednesday, Naver Financial plans to issue 87.56 million new shares to shareholders of Dunamu. Once completed, this transaction will transform Dunamu into a wholly owned subsidiary of Naver Financial. The exchange ratio used for this deal was determined through an external discounted cash-flow valuation, which set the corporate value ratio at 1:3.064569. After considering the outstanding shares of each company, the final exchange ratio was adjusted to 1:2.5422618.

Dunamu’s Upbit exchange holds a leading position in South Korea’s cryptocurrency market. As of the latest fiscal year, Dunamu reported total assets of $10.4 billion and equity of $4 billion.

_Upbit is the biggest crypto exchange in South Korea. Source:_CoinGecko

Shareholder Approval for the Deal

Both Naver Financial and Dunamu will hold shareholder meetings on May 22, 2026, to vote on the stock swap. The scheduled stock exchange will take place on June 30, 2026. Any shareholders who disagree with the deal have the right to request appraisal at a value of $117 per share of Naver Financial, and such requests will be accepted from May 22 to June 11, 2026. If appraisal demands surpass $814 million for either company, the deal could be postponed unless both parties consent to adjustments to the threshold.

Moreover, this acquisition must secure several regulatory approvals, including a review by the Fair Trade Commission concerning business combinations, as well as changes related to major shareholder qualifications under the Act on the Use and Protection of Credit Information. Delays or even a cancellation of the deal could occur based on how these approvals progress.

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Naver's Upcoming Stablecoin Initiative

The intention behind Naver Financial's acquisition of Dunamu was first made known in September. Reports at that time indicated that Naver Financial would aim to introduce a stablecoin project linked to the Korean won, along with a variety of other digital finance initiatives, once the acquisition is finalized.

This development arrives at a time when the regulatory atmosphere for cryptocurrencies in South Korea is becoming more favorable. In June, a group of eight major South Korean banks announced plans to introduce won-pegged stablecoins by late 2025 or early 2026. This transition followed the election of President Lee Jae-myung, whose administration has shown a more supportive outlook toward digital assets.

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