Naver Financial has recently updated its timeline regarding the share swap with Dunamu, the operator behind the Upbit cryptocurrency exchange. Delays ensued due to ongoing regulatory reviews concerning antitrust laws and crypto regulations, compounded by a decline in profits from Upbit.

In documentation submitted to the Financial Supervisory Service (FSS), it was revealed that Naver Financial now anticipates holding a shareholder vote on August 18 and completing the transaction, originally scheduled for late May or early June, by September 30—a significant delay of around three months.

The share acquisition plan was first disclosed in September 2025, with reports from local news outlets like Yonhap and Chosun indicating that Naver was preparing this stock swap in order to integrate Dunamu into its corporate structure. A subsequent filing on November 26 confirmed the all-stock deal estimated at approximately $10.3 billion.

This acquisition represents a strategic move by Naver Financial to fully control Dunamu, thus combining two major players in South Korea’s fintech and crypto sectors.

Regulatory Challenges Ahead

According to the FSS filing, the deal remains contingent on various regulatory approvals related to significant shareholding alterations and the review of business mergers. Naver cautioned that the timeline risks further delays or potential cancellation depending on the pace of these approvals.

Discussions regarding South Korea’s future Digital Asset Basic Act—a comprehensive regulatory framework addressing digital assets—could also influence the timing and results of this deal. This prospective legislation, intended to supplement the existing user-protection laws, is expected to launch in the first half of 2026.

Declining Performance of Dunamu

The delay coincides with reports from Dunamu that reveal a downturn in operational performance. Last year, revenue dropped to around 1.56 trillion won (approximately $1 billion), marking a 10% decline year over year. Operating profit fell by 26.7% to 869.3 billion won (approximately $573.3 million), while net profit decreased by 27.9% to 708.9 billion won (around $467 million).

Dunamu attributed these declines to a general downturn in the cryptocurrency market, with lower trading volumes evident across the board. Notably, trading volumes have recently hit their lowest levels since 2022, with a total weekly volume decline of about 7% from average, alongside lower Ethereum network usage fees indicating diminished demand.

BTC Funding Rate vs. Binance Spot Volume BTC Funding Rate (LHS) vs. Binance Spot Volume (RHS, $ billion). Source: 10x Research

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