Naver Financial, the fintech operations of the South Korean tech behemoth Naver, has announced intentions to procure Dunamu, the operator of Upbit, in a stock swap estimated at 15.1 trillion won ($10.3 billion).
According to a filing on Wednesday, Naver Financial will distribute 87.56 million new shares to Dunamu’s shareholders, transforming the latter into a fully owned subsidiary.
The exchange ratio was established through an external discounted cash-flow assessment, assigning a corporate value ratio of 1:3.064569 and after adjusting for outstanding shares, leading to a final exchange price ratio of 1:2.5422618.
Dunamu’s Upbit dominates the cryptocurrency market in South Korea, with reported total assets amounting to $10.4 billion and equity figures at $4 billion for the latest fiscal year.
Upbit is the biggest crypto exchange in South Korea. Source: CoinGecko
Shareholder Voting Scheduled for Next May
Both companies’ shareholders are set to cast their votes on this swap during their general meetings on May 22, 2026, with the stock exchange anticipated on June 30, 2026. Opposing shareholders can exercise appraisal rights at $117 per Naver Financial share, with requests welcome from May 22 to June 11, 2026. If appraisal requests surpass $814 million for either company, the agreement may be nullified unless both parties consent to modify the threshold.
This undertaking requires numerous regulatory approvals, including a merger review by the Fair Trade Commission and changes in primary shareholder status per the Credit Information Protection Act. The filing indicated that potential delays or cancellations could arise contingent on the progress of these approvals.
Future Plans for Stablecoin Initiative
Naver Financial’s acquisition plan for Dunamu was initially revealed in September alongside intentions to initiate a Korean won-backed stablecoin project, among other digital financial ventures post-acquisition.
This strategic move aligns with a more favorable regulatory climate for cryptocurrencies in South Korea. Earlier in June, eight significant South Korean banks declared intentions to launch won-pegged stablecoins by late 2025 or early 2026, following actions taken by pro-crypto President Lee Jae-myung, whose administration is advocating more supportive policies towards digital assets.
