South Korea’s Upbit Exchange Operator Dunamu to Be Acquired by Naver in $10B-Plus Stock Deal
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The fintech arm of South Korean tech giant Naver, Naver Financial, has agreed to acquire Dunamu in an all-stock deal worth $10.3 billion, a move that brings one of the country’s leading crypto exchanges under the umbrella of a major conglomerate.
Dunamu is best known as the operator of Upbit, the dominant cryptocurrency exchange in South Korea. Upon completion of the deal, which involves Naver Financial issuing new shares, Dunamu will become a wholly-owned subsidiary.
The acquisition is not yet finalized, pending shareholder votes in May 2026. The deal includes clauses that allow dissenting shareholders to exercise appraisal rights and could be terminated if opposition exceeds an $814 million threshold.
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