Naver coy on plans to take over Upbit

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Naver coy on plans to take over Upbit

Published: 25 Sep. 2025, 14:29 Updated: 25 Sep. 2025, 20:03

YOON SO-YEON
[email protected]

Audio report: written by reporters, read by AI

Logos for Dunamu and Naver Financial [EACH COMPANY]

Dunamu, the operator of crypto trading platform Upbit, is reportedly merging with Naver Financial to become a wholly-owned subsidiary of the Korean tech company. Naver said it is "discussing ways to collaborate," in a statement that neither confirmed nor denied the news.

Local newspaper Dong-A Ilbo reported Thursday that Upbit and Naver Financial, which is 69 percent owned by Naver, are seeking to merge through a comprehensive stock swap.

A comprehensive stock swap is where two entities exchange one equity-based asset for another's that streamlines the two companies' management structure. Unlike a merger, both companies remain intact while one becomes a 100 percent subsidiary of the other, forming a vertical ownership structure.

Dong-A reported that Dunamu is planning on sending a letter to shareholders notifying them the move "within the near future," and that both Naver Financial and Dunamu have created a task force within the company to bring the merger forward.

Following the report, Naver released a statement that neither denied nor confirmed the report.

"Our subsidiary, Naver Financial, is discussing several ways to collaborate with Dunamu, including the stock swap mentioned in the news article, along with stable coin and non-listed stock trading," Naver said in a regulatory filing on Thursday afternoon.

"However, we have not finalized any additional collaboration or the specific methods. We will repost details when they are confirmed, or within a month of this filing."

Dunamu released a similar statement that only outlined "partnership" between the two companies, and nothing further.

Dunamu was founded in 2012 and operates Korea's largest crypto exchange platform Upbit. As of August, the company's shares were 25.5 percent owned by co-founder and chairman Song Chi-hyung, 13.1 percent by vice chairman Kim Hyoung-nyon, 10.6 percent by Kakao Investment, 7.2 by Woori Technology Investment, 6.9 percent by Hanwha Investment & Securities and 37.6 percent by others.

BY YOON SO-YEON [[email protected]]