Alphabiz - Naver Surges Over 7% as It Moves to Acquire Dunamu, Operator of Upbit

Photo courtesy of Yonhap News

[Alpha Biz= Paul Lee] Naver shares jumped more than 7% on the 29th after reports that the company would bring Dunamu, the operator of cryptocurrency exchange Upbit, under its corporate umbrella. The stock has now risen for three consecutive trading sessions, fueled by expectations of business expansion and spillover gains in related stocks.



According to the Korea Exchange, Naver closed at KRW 274,500, up KRW 18,000 (7.02%) from the previous day, pushing its market capitalization above KRW 43 trillion. Since September 25, when news broke that Naver Financial (Naver Pay), a Naver subsidiary, was pursuing a comprehensive share swap with Dunamu, the stock has risen 20.4% over three sessions.



The rally has also extended to related stocks. Hanwha Investment & Securities closed at KRW 6,200, up KRW 910 (17.20%), while Woori Technology Investment surged KRW 2,100 (20.79%) to KRW 12,200. Both companies hold stakes in Dunamu—7.20% and 5.94%, respectively, as of the end of June.



Other ecosystem players also benefitted. Simplex Platform, a company involved in AI, data, and payment solutions and a shareholder of Naver, rose 7.97% on the day.



Investors are closely watching the potential synergies between Naver and Dunamu. Naver founder and board chairman Lee Hae-jin and Dunamu chairman Song Chi-hyung are known to be alumni of Seoul National University, and the two companies are said to share strong common ground in the fast-growing stablecoin sector, viewed as a cornerstone of next-generation digital finance.



Market estimates value Dunamu at around KRW 12 trillion and Naver Financial at KRW 3–5 trillion. Naver Financial previously became the largest shareholder (70% stake) in Securities Plus Unlisted, acquiring 421,000 shares from Dunamu for KRW 68.6 billion.

Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)