South Korean internet giant Naver is set to acquire Dunamu in a stock-swap transaction that values the country’s largest cryptocurrency exchange operator at 15.1 trillion won ($10.3 billion).
According to a regulatory filing released Wednesday, Naver’s payments subsidiary, Naver Financial, will exchange each of its shares for 2.54 shares in Dunamu. The deal, expected to close in June 2026, values Naver Financial at 4.9 trillion won.
Dunamu, which operates the Upbit crypto exchange, was once valued at around $17 billion during the 2021 cryptocurrency boom. At that time, entertainment company Hybe acquired a 2.5% stake for approximately $400 million. As of September, Dunamu cofounder and chairman Song Chi-hyung owns roughly 8.9 million shares, representing a 25.52% stake in the Seoul-based firm.
The acquisition is expected to create a major fintech player in South Korea, combining digital payments, insurance and financial services, blockchain solutions, and crypto and securities trading. Naver Financial operates Naver Pay, one of the country’s most widely used digital payment platforms, with more than 34 million users and annual transaction volumes exceeding 80 trillion won.
Dunamu runs Upbit, South Korea’s largest crypto exchange, which recorded approximately $1.8 billion in digital asset trading over a recent 24-hour period. The company also provides trading services for both listed and unlisted equities.
At a joint press conference held Wednesday at Naver’s headquarters in Seongnam, executives said the transaction aims to integrate Naver’s artificial intelligence infrastructure, Naver Pay’s financial services, and Dunamu’s blockchain technology. Naver also announced plans to invest 10 trillion won over the next five years to expand South Korea’s AI and blockchain ecosystems, aligning with government efforts to strengthen the country’s position in the global AI race.
South Korea is one of the world’s most active markets for retail cryptocurrency trading, with roughly 20% of its 52 million population holding crypto trading accounts.
“Naver’s AI capabilities must work in synergy with Web3 to secure leadership in next-generation markets,” said Naver cofounder and chairman Lee Hae-jin. He added that rapid decision-making and bold initiatives are essential for Naver Financial and Dunamu to remain competitive in global digital finance.
Dunamu chairman Song Chi-hyung said the combined entity aims to design next-generation financial infrastructure powered by AI and blockchain, creating a global platform that extends beyond payments to broader financial and everyday services.
The announcement comes amid a shift in global crypto sentiment. Market volatility intensified in mid-October after renewed tariff threats from US President Donald Trump triggered a selloff that erased an estimated $19 billion in leveraged crypto positions. Earlier in the year, the sector had seen strong momentum, with bitcoin reaching a record high near $126,000 in early October before falling more than 27% from its peak, wiping out its gains for the year.
