South Korean internet firm Naver is set to finalize a merger with Dunamu, the operator of leading crypto exchange Upbit, through a stock swap deal. Board meetings are planned for November 26, followed by a press conference on November 27 where Naver's founder will outline the merger roadmap. The transaction will integrate Dunamu as a subsidiary of Naver Financial, amid concerns over Upbit's market dominance.
Naver, often compared to Google in South Korea, has progressed toward acquiring control of Dunamu via its financial arm, Naver Financial. The companies intend to conduct board meetings on November 26 to approve a stock swap agreement. Sources cited by Yonhap news agency indicate that the approvals are essentially predetermined.
Naver's founder and chair, Lee Hae-jin, will present the merger details to the board and elaborate on a strategic roadmap during the session. The following day, November 27, Lee and Dunamu CEO Song Chi-hyung will address the media at Naver's headquarters in Seongnam, Gyeonggi Province. The press event aims to clarify the integration plans publicly.
Announced initially in September, the deal involves Dunamu shareholders exchanging their shares for new Naver Financial shares at a 1:3 ratio—receiving three Naver Financial shares per Dunamu share. This will reduce Naver's ownership in Naver Financial from 69% to about 17%, positioning Dunamu as a fully owned subsidiary.
Naver reported $7.3 billion in net revenues last year and holds a market capitalization of $39.2 billion. Upbit, meanwhile, dominates the local crypto scene, with 24-hour trading volumes exceeding $2 billion according to Coingecko, and a 71.6% share of domestic volumes in the first half of 2026 per the Financial Supervisory Service.
Naver Financial operates Naver Pay, the nation's top digital payment service, alongside asset management and lending options. However, the merger faces scrutiny from regulators, as lawmakers have labeled Upbit a de facto monopoly among the five licensed exchanges allowing Korean won-crypto trades. A October report in Seoul Kyungjae highlighted the market's consolidation around Upbit.
The board meeting will occur in a hybrid format, blending in-person and video attendance.