South Korea’s largest crypto change, Upbit, could also be positioning for a possible Nasdaq IPO, following affirmation that tech large Naver is getting ready to accumulate its mother or father firm, Dunamu, in a landmark stock-swap merger.
The transfer, anticipated to be authorized at board conferences subsequent week, would create one in all Asia’s strongest fintech–crypto conglomerates and speed up Korea’s entry into US capital markets.
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Naver–Dunamu Merger Ignites Upbit’s Nasdaq IPO
Studies, from Zoomer and Unfolded, citing Bloomberg, recommend that Upbit change may quickly launch within the US.
[ ZOOMER ]
RECENTLY ACQUIRED CRYPTO EXCHANGE UPBIT LOOKING FOR NASDAQ IPO AFTER MERGER: BBG
— zoomer (@zoomerfied) November 24, 2025
The announcement comes solely days after native reviews that Naver Monetary will purchase Dunamu by means of a KRW 20 trillion ($14.5 billion) inventory change. This may make the Upbit operator a completely owned subsidiary of the nation’s dominant web conglomerate.
The merger would mix Naver’s fintech ecosystem with Upbit’s 70% share of home crypto buying and selling, immediately making a global-scale digital finance platform.
Markets have already priced in a single end result: an eventual US itemizing. Dunamu’s unlisted shares surged previous KRW 400,000 for the primary time in over three years, whereas Naver inventory jumped practically 20% within the days following the merger announcement.
The union positions Upbit’s enterprise underneath a politically safer, extra globally recognizable company construction, one way more acceptable to Nasdaq regulators than a standalone crypto change.
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Brokerage analysis signifies that the merged Naver–Upbit entity laid the groundwork for a possible Nasdaq IPO as early as 2026, relying on US market circumstances.
Per the analysts, there may be potential valuation of KRW 50 trillion, pushed by Naver’s fintech dominance and Dunamu’s blockchain infrastructure “Giwa.”
For comparability, Coinbase at the moment trades above KRW 100 trillion on Nasdaq.
Hypothesis intensified when reviews recommended Dunamu shareholders would obtain Naver Monetary inventory at a 3:1 ratio, doubtlessly making Dunamu Chairman Music Chi-hyung the most important shareholder of the merged firm with simply over 20%.
IPO Momentum Builds as Rivals Restructure
Upbit’s international ambitions come as home rivals pursue their very own public-market paths. Bithumb, Korea’s second-largest change, has reportedly regained practically 25% of the market share and is getting ready for the general public market.
In the meantime, Ok Financial institution, Upbit’s most important banking associate, was compelled to tug its deliberate $700 million IPO final 12 months amid alleged valuation issues, intensifying scrutiny over Korean fintech listings.
In distinction, Upbit’s path to Wall Road seems strengthened by Naver’s backing. Merging with a big-tech model reduces regulatory friction and gives “cover” for Dunamu’s long-delayed objective of a US itemizing.
If the merger proceeds as anticipated, South Korea might quickly try what no main Asian crypto platform has achieved, a seat on Nasdaq, signaling a brand new chapter within the glo:bal crypto-fintech race.
