Crypto Giant Upbit Sets Sights on Nasdaq IPO Following Surprise Merger with Naver

South Korea's leading cryptocurrency exchange, Upbit, is edging closer to a potential IPO on Nasdaq, spurred by reports that internet giant Naver is preparing to acquire its parent company, Dunamu, via a multibillion-dollar stock-swap merger.

Key Takeaways

Upbit is on the verge of a potential Nasdaq IPO following a merger with Naver, its parent company.
The merger, valued at $14.5 billion, is set to strengthen Upbit's market position and regulatory profile.
Updated merger terms favor Dunamu, reflecting its superior financial performance.
The strategic alliance with Naver could pave the way for a Nasdaq listing as early as 2026, coinciding with an uptick in crypto IPOs.

Crypto Giant Upbit Sets Sights on Nasdaq IPO Following Surprise Merger with Naver

This deal, which is anticipated to be approved in board meetings on November 26, represents one of the most significant corporate mergers in Asia's digital finance landscape.

Dunamu's Profit Edge Influences Naver's $14.5 Billion Merger Proposal

A local news outlet has reported that in the merger agreement, Naver Financial will take over Dunamu through an equity exchange valued at approximately KRW 20 trillion (around $14.5 billion).

Upon completion, Upbit will operate under Naver, placing the country's top crypto trading platform within Korea's most recognized tech conglomerate. Analysts suggest that this shift could pave the way for a Nasdaq debut as early as 2026, assuming market conditions improve.

Recent disclosures show that both companies have agreed to adjust the exchange ratio to around 1:3.3–3.4 in favor of Dunamu, reflecting its superior financial performance. At the end of 2024, Dunamu reported an operating profit of KRW 1.186 trillion, nearly ten times that of Naver Financial, which registered an operating profit of 103.5 billion won.

The revised ratio followed feedback from minority shareholders who felt previous proposals undervalued Upbit's operator. Sources involved in the discussions indicated that the changes were essential for facilitating a smooth integration and securing approval from essential stakeholder groups.

If the merger is successful, Naver would gain control of over 70% of the domestic crypto trading volume. Upbit has maintained a strong market position throughout 2024 and 2025, achieving a market share as high as 80% during certain months.

Data from the Financial Supervisory Service reveals that Upbit managed transactions worth 833 trillion won (about $642 billion) in the first half of 2025 alone, significantly outpacing its competitors, including Bithumb, Coinone, Korbit, and GOPAX.

Upbit Prepares for 2025 IPO Wave with Solid Earnings and Naver's Backing

Despite its dominance, Upbit has encountered regulatory scrutiny related to KYC (Know Your Customer) procedures and broader compliance issues. Earlier this year, a provisional court ruling eased some onboarding restrictions, yet the exchange continues to draw attention from Seoul's financial regulators.

The merger with Naver is largely seen within the industry as a strategy to stabilize the company's regulatory stance in advance of a potential US listing. The timing coincides with a resurgence of cryptocurrency firms making their way to public markets.

The year 2025 has already witnessed major IPOs from companies like Circle, Bullish, Figure Technologies, Gemini, and BitGo, all benefiting from stronger digital asset valuations and more transparent US policy environments. Stablecoin issuers, custodians, and trading platforms have raised substantial amounts, as investors increasingly favor companies with demonstrable revenue and established governance structures.

Earlier this year, Galaxy Digital also transitioned its listing to Nasdaq, while Kraken privately filed for a 2026 IPO. Concurrently, Upbit's domestic competitor Bithumb has accelerated its own journey toward public markets. Bithumb divested non-core operations in mid-2025 and enlisted Samsung Securities to spearhead its prospective KOSDAQ listing, while also considering a dual listing on Nasdaq.

Bithumb's progress has been facilitated by the acquittal of its former chairman, a longstanding hurdle to its IPO initiatives.

Throughout 2024 and 2025, Upbit's parent company has maintained steady profitability, with Dunamu reporting a net income of $165 million in the third quarter of this year—a 300% increase compared to last year. Combined with improving cash flow, rising user engagement, and Naver's global presence, analysts indicate that the groundwork for a future US IPO is increasingly becoming clearer, even if such a listing isn't imminent.