Naver Acquires Dunamu in $10.3B Deal to Strengthen Crypto Presence

Naver Financial, the fintech arm of South Korea's tech giant Naver, is set to acquire Dunamu, the operator of the country's largest cryptocurrency exchange, Upbit, in an all-stock deal valued at approximately 10.3 billion dollars, or 15.1 trillion won. According to Cointelegraph, the acquisition will see Naver Financial issue 87.56 million new shares to Dunamu's shareholders, making Dunamu a wholly owned subsidiary of Naver Financial. The share exchange ratio was established through an external discounted cash-flow valuation, resulting in a corporate value ratio of 1:3.064569, which adjusted for outstanding shares leads to a final exchange price ratio of 1:2.5422618.

Dunamu has reported total assets of 10.4 billion dollars and equity of 4 billion dollars for the latest fiscal year, confirming its dominant position in South Korea's crypto market, where Upbit holds over 80% market share, as noted by Techmeme and Bloomberg. The deal's approval timeline is significant, as shareholders of both Naver and Dunamu are scheduled to vote on the stock-swap at their general meetings on May 22, 2026. Following this, the stock exchange date is set for June 30, 2026. Shareholders who oppose the deal can exercise appraisal rights at a price of 117 dollars per Naver Financial share, with requests accepted from May 22 to June 11, 2026.

Notably, the deal could be terminated if appraisal demands exceed 814 million dollars from either company unless both parties agree to modify the threshold. Additionally, multiple regulatory approvals are necessary for the transaction to proceed, including a business combination review by the Fair Trade Commission and changes in major shareholder status under the Act on the Use and Protection of Credit Information. Delays or cancellations remain possible depending on the outcomes of these regulatory reviews.

The acquisition was first disclosed in September, as Naver Financial aims to enhance its presence in the cryptocurrency sector. Following the acquisition, Naver plans to launch a Korean won-backed stablecoin project and embark on other digital finance initiatives, which coincide with an increasingly supportive regulatory environment for cryptocurrency in South Korea. Since the election of President Lee Jae-myung, there have been indications of a more favorable stance towards digital assets, as eight major South Korean banks plan to introduce won-pegged stablecoins by late 2025 or early 2026, as reported by Cointelegraph. This acquisition not only solidifies Naver's position in the crypto market but also hints at a larger trend of consolidation within the Asian cryptocurrency landscape, potentially reshaping competitive dynamics in the region.