Naver-Upbit Alliance Connects Digital Assets with Conventional Finance in Pursuit of Nasdaq Listing

Upbit, South Korea's largest digital asset exchange, is preparing for a U.S.

IPO after its upcoming merger with tech powerhouse Naver, a move poised to form one of Asia’s leading fintech and crypto alliances. The merger, which is expected to close this week, will result in Upbit’s parent company, Dunamu, becoming part of Naver Financial, . The new group is estimated to be worth around $13.8 billion, but its value could if the Nasdaq IPO goes ahead as planned. This step represents a major strategic shift for Dunamu, which has been aiming to enter the U.S. market to broaden its income sources and in crypto assets.

The stock-swap merger has already pushed Dunamu’s private shares to their highest level in three years,

in the potential U.S. listing. Naver, often called the “Google of South Korea,” brings a vast network of search, payment, and digital services, while Dunamu adds Upbit’s leadership in the local crypto sector, . The partnership also includes plans to introduce a stablecoin backed by the Korean won, allowing banks to issue stablecoins.

Regulatory approval remains a significant challenge. The Financial Supervisory Service and Fair Trade Commission in South Korea will examine the merger for possible antitrust issues,

and Naver’s stronghold in fintech. Dunamu CEO Oh Kyung-seok has in building a “politically safer” structure for a U.S. IPO, aiming to reduce regulatory barriers compared to operating as an independent crypto exchange.

The timing coincides with a broader movement of crypto firms seeking public listings. U.S.-based platforms like Gemini, Bullish, and eToro went public in 2025, and stablecoin provider Circle Internet Group reached an $18 billion valuation in June

. If Upbit goes public, it would join this trend, giving Wall Street access to a crypto market that often operates independently from U.S. and global cycles. According to CoinGecko, Upbit handled $2.1 billion in trading volume over 24 hours last week, on the same platform.

Dunamu’s financial performance further supports its IPO ambitions. The company

and has tripled dividends to shareholders in recent quarters, strengthening its financial position before entering the U.S. market. Meanwhile, other Korean exchanges like Bithumb are also considering going public, but Upbit’s collaboration with Naver gives it a distinct edge in .

If successful, the merger could reshape South Korea’s influence in the global crypto industry, creating a link between conventional finance and digital assets. With Nasdaq authorities expected to closely review the listing’s compliance, the final outcome will

to present the merged company as a stable, innovation-focused fintech leader rather than a risky crypto business.