South Korea's internet giant Naver is close to finalizing a deal to acquire Dunamu, the operator of Upbit, the country's largest cryptocurrency exchange, through a stock swap arrangement. Naver Financial, the fintech arm of Naver, is in advanced talks with Dunamu to issue new shares in exchange for Dunamu's existing stakes, effectively making Dunamu a subsidiary and giving Naver control over Upbit.
The stock swap avoids cash transactions and establishes a parent-subsidiary governance structure. This move is strategic for Naver to cement its entry into digital finance and crypto markets. Naver Financial processes annual payment volumes of 80 trillion Korean won (approximately $58 billion), while Upbit is ranked No. 1 in South Korea and No. 4 globally. The alliance could create a powerful fintech-crypto synergy, with plans for overseas expansion and a won-pegged stablecoin initiative already underway.
The timing is notable as it coincides with Korea Blockchain Week in Seoul, drawing global attention. Competition has intensified recently, with Upbit's market share at 50.6% and rival Bithumb at 46% as of September 9, 2025, compared to Upbit's historical dominance above 80%. If completed, this would be one of the most significant M&A deals in South Korea's fintech space, integrating payments, shopping, and digital assets under one ecosystem.