The South Korean exchange Upbit has merged with Naver to "go public on the Nasdaq in the United States," with a valuation of 34 billion USD.

Upbit's parent company Dunamu and Naver Financial's stock swap merger case, valued at 50 trillion won, aims for a Nasdaq listing, challenging dual regulation in South Korea and the United States. (Background: Upbit's parent company Dunamu was fined 35.2 billion won, swallowing the most expensive fine in South Korea's Crypto Assets history.) (Additional context: South Korea's Naver is acquiring Upbit exchange! Can we trade Crypto Assets and won stablecoins through LINE in the future?) South Korea's largest Crypto Assets exchange Upbit's operator Dunamu and Naver's financial subsidiary Naver Financial are expected to officially announce the stock swap merger on November 27. The alliance, valued at up to 50 trillion won (approximately 34 billion USD), not only rewrites the South Korean fintech landscape but is also seen as a stepping stone to sprint towards Nasdaq. Stock Swap: Crypto Capital Reverse Takeover On the surface, Naver Financial is acquiring Dunamu, but the actual structure resembles a “Reverse Takeover” led by Crypto Assets players. According to reports, both parties will adopt a stock swap mechanism, with each share of Dunamu stock convertible to approximately 3.3 to 3.4 shares of Naver Financial stock. After the transaction is completed, the original Dunamu shareholders will hold about 30% of the new company’s shares, surpassing Naver's own 17% stake, becoming the largest shareholder group. In other words, the smaller market capitalization Naver Financial is handing control to the higher market capitalization Dunamu, highlighting the advantages of Crypto Assets exchanges in terms of liquidity and profitability. Ecosystem Extension: Super App and Won Stablecoin Both parties are not satisfied with a simple overlap of “payment + trading” but are planning an integrated Web3 financial ecosystem, allowing Naver Pay's tens of millions of users to conduct fiat payments, Crypto Assets investments, and cross-border remittances on the same interface, akin to combining PayPal and Coinbase into a single app. A core aspect of the layout is the issuance of won-denominated stablecoins, leveraging the government's recent easing of regulations allowing banks to participate in stablecoins, vying for an edge in cross-border settlement and retail payment markets. Nasdaq Temptation: Loose Regulations Bring High Multiples Valuation In 2025, the United States became an IPO hotspot after the Trump administration loosened regulations on Crypto Assets. Bullish, Circle, and eToro subsequently went public, and capital preferences pushed up valuations. According to Coindesk quoting Bloomberg data, Upbit's daily trading volume is about 2.1 billion USD, comparable to Bullish listed in the US. South Korea's Kosdaq struggles to provide similar multiples, and a US listing could allow the merged company's valuation to exceed 34 billion USD. Regulatory Challenges: Antitrust and 25.7 Million USD Fine Huge mergers inevitably trigger regulatory nerves. The South Korean Fair Trade Commission is concerned that the dual oligopoly of payment and trading could lead to market monopolization, and it is speculated that Dunamu may need to transfer some voting rights to Naver in exchange for merger approval. At the same time, South Korea's Financial Intelligence Unit (FIU) issued a fine of 25.7 million USD to Dunamu in November for insufficient KYC and suspicious transaction monitoring. Although this fine is not fatal, it may amplify compliance concerns when preparing to submit the S-1. If the merger proceeds smoothly and successfully lists in the US, South Korea will see the birth of an Asian Crypto Assets giant capable of competing with Coinbase; if blocked by regulators, the case may become a typical example of antitrust review and compliance risk. Regardless of the outcome, the collaboration between Dunamu and Naver has demonstrated that the Crypto Assets industry is rapidly integrating into mainstream finance, and Wall Street's deep capital pool remains a stage that Asian players cannot ignore. Related Reports What synergy would be created if Naver acquired Upbit? The birth of a super platform in South Korea? Upbit's trading volume plummeted by 80%, even Koreans have stopped Cryptocurrency Trading? Worldcoin lands on Upbit, $WLD breaks through 2 USD! Three Arrows Capital holds 52 million tokens waiting to be dumped. (The article “Merger of Upbit and Naver for U.S. Nasdaq IPO, valued at 34 billion USD” was first published on BlockTempo, the most influential Blockchain news media.)