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Photo courtesy of Yonhap News |
[Alpha Biz= Paul Lee] Seoul, South Korea — September 25, 2025 — Naver, Korea’s leading big tech company, is set to expand aggressively into the digital asset business by acquiring Dunamu, the operator of Upbit, the country’s No. 1 cryptocurrency exchange. The acquisition will be carried out through a comprehensive share swap, with Naver Financial, Naver’s fintech subsidiary, incorporating Dunamu as a wholly owned subsidiary.
Structure of the Transaction
According to industry sources, Naver Financial plans to issue a large number of new shares in exchange for all outstanding Dunamu shares. Once the two sides finalize the swap ratio, both companies are expected to convene board meetings to confirm the deal.
Dunamu’s current shareholders include Chairman Song Chi-hyung (25.5%), Vice Chairman Kim Hyung-nyeon (13.1%), Kakao Investment (10.6%), Woori Technology Investment (7.2%), and Hanwha Investment & Securities (5.9%). Naver, which holds about 75% of Naver Financial (including convertible preferred shares), will become the ultimate controlling shareholder after the transaction.
Strategic Background: Stablecoins and Digital Finance
Market observers say the emergence of stablecoins played a decisive role in Naver’s move. Stablecoins are seen as a critical link in building out a next-generation digital finance infrastructure that could be seamlessly integrated into Naver’s vast ecosystem.
With momentum building in policy discussions around allowing KRW-denominated stablecoin issuance, the negotiations reportedly accelerated. The vision is said to have taken shape after Naver founder and board chairman Lee Hae-jin returned to management in March this year.
Industry Impact
If completed, the transaction could become a watershed moment for Korea’s financial and tech industries. By combining the nation’s largest big tech platform with its top digital asset exchange, Korea could strengthen its position as a global leader in the digital asset economy.
Naver stated in a disclosure on Thursday:
“Naver Financial is discussing various forms of cooperation with Dunamu, including stablecoins, private equity trading, and share swaps. No final decisions have been made regarding additional areas of collaboration or transaction details.”
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
