Naver-Dunamu Merger: A Potential $2.1 Billion Crypto Powerhouse

Naver-Dunamu Crypto ‘Mega-Company’ Could Be Worth $2.1B a Year – Experts

Experts have speculated that the merger between Naver, a leading internet company, and Dunamu, the operator of the Upbit cryptocurrency exchange, could create a "mega-company" valued at $2.1 billion annually. However, they also warn of existing regulatory uncertainties that may pose challenges to this potential collaboration.

Key Takeaways

The merger between Naver and Dunamu could lead to annual profits of $2.1 billion.
Experts cite significant regulatory obstacles that may hinder the merger.
The deal could position Naver as a major player in the cryptocurrency and fintech sectors.
Market experts forecast an increase in crypto trading activity in Korea.

Naver-Dunamu Merger: Expert Insights on a Promising Deal

Reports from South Korean media, including Newsis and Wow TV, suggest that the Naver-Dunamu merger is expected to produce consolidated operating profits of approximately KRW 3 trillion. According to Jang Ho-yoon, a researcher at Korea Investment & Securities, the merger holds considerable promise:

“Naver has been undervalued in the South Korean market, particularly compared to its competitor Kakao, which has achieved high valuations through business expansion. Acquiring Dunamu would allow Naver to fully engage in the cryptocurrency sector, especially in stablecoins, which could create significant synergies with Naver’s existing advertising, commerce, and financial technology initiatives.”

A table showing the top 10 coins per trading volume on the Upbit crypto exchange on October 15, 2025.

Anticipating a Surge in Crypto Trading Activity

Jang also anticipated a surge in crypto trading due to a shift in the U.S. economic landscape, forecasting a “rate-cut cycle.” He stated,

“As blockchain-powered innovations such as stablecoins and tokenized securities gain traction in Korea, Naver is poised for various business opportunities.”

Jang Ho-yoon, a researcher at the South Korean securities provider Korea Investment & Securities.

Jang emphasized that the merger could bring forth new possibilities for Naver, which has seen its market valuation decline due to a lack of growth initiatives. There remains some uncertainty regarding regulatory approval, yet he noted a relatively positive sentiment surrounding the potential collaboration.

Navigating Regulatory Challenges

Monitoring safety, Jang highlighted that ongoing restrictions prevent banks from participating in cryptocurrency-related businesses. Fortunately, e-payment providers like Naver may not be impacted by these regulations. “The uncertainty surrounding the merger is within manageable limits,” he noted, adding that the merger would put Naver into the spotlight as a leading tech stock to watch over the next year.

A graph showing Naver share prices on the Korea Exchange over the past six months.

Last month, Naver Financial outlined its strategy to take over Dunamu through a comprehensive stock swap agreement. With Upbit commanding over 70% of the South Korean market share, speculations arise that the newly formed Naver Financial-Dunamu could aim for a public listing on the NASDAQ exchange.

In conclusion, as the Naver-Dunamu merger progresses, it sparks interest in potential transformations within the cryptocurrency and fintech landscapes—underscoring the evolving nature of these industries in Asia.