Naver in talks to acquire Upbit operator Dunamu via share swap
South Korea’s internet giant Naver is reportedly exploring a major deal. According to local media, its fintech arm, Naver Financial, plans to take over Upbit operator Dunamu via a share swap.
The structure would grant current Dunamu shareholders newly issued Naver Financial shares, with Dunamu becoming a wholly owned subsidiary. Legally, this is not a merger but a consolidation via share swap: both entities would remain, but Naver Financial would become the parent.
Speculation about the deal kicked off after reports of joint working groups between the companies. In public statements, however, both sides remain cautious. Naver confirmed discussions around “various forms of collaboration,” including a share swap, while stressing that no final decisions have been made. Dunamu echoes that position, citing partnership talks without details.
Even so, it moved the market: Naver’s shares in Seoul jumped about 12% on headlines about a potential takeover.
A tie-up would be strategically significant. For Naver, adding the country’s largest crypto exchange would strengthen its efforts to build a “super app” that integrates shopping, payments, and digital assets. For Dunamu, access to Naver’s payments and consumer platforms could expand its reach and accelerate new offerings, from tokenized assets to retail payments. This summer, Naver Pay and Upbit have already announced plans to promote a stablecoin pegged to the Korean won (KRW).
The policy backdrop also looks favorable. South Korean authorities are discussing guardrails for KRW‑pegged stablecoins, trimming legal uncertainty. If a swap is approved, the holding structure would read “Naver → Naver Financial → Dunamu (Upbit),” a notable example of a mainstream portal wiring crypto operations directly into its core fintech stack.
For now, both sides are staying tight-lipped; the next few weeks will show whether today’s sketches harden into a signed deal.
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