Naver Financial has postponed its all-stock share swap with Dunamu for the second time, extending the expected completion date to December 31. The deal, first announced in late 2024, values the Upbit operator at around $10 billion and would issue 87.56 million new Naver Financial shares at an exchange ratio of 2.5422618 shares per Dunamu share. The latest delay, disclosed in a regulatory filing, follows a previous shift from June 30 to September 30 and reflects pending approvals from South Korea’s Fair Trade Commission, clearance under the Credit Information Act, and notifications required by the Act on Reporting and Use of Specific Financial Transaction Information.
The filing notes that the proposed Digital Asset Basic Act could still affect the transaction’s structure or outcome. Lawmakers are debating a clause that would limit a major shareholder’s stake in a domestic crypto exchange to 20%, potentially constraining Naver Financial’s path to full ownership. The Financial Supervisory Service had already ordered Dunamu to correct omissions in its merger disclosure in April, citing missing information on future corporate restructuring. Despite the uncertainty, Dunamu intends to proceed with the merger and has outlined plans to collaborate on digital asset services, including the Silk Pocket stablecoin wallet with Hashed and the Busan Digital Exchange.
