TLDR

Upbit is planning a Nasdaq IPO following a merger agreement with South Korean tech firm Naver.
Dunamu and Naver’s merger is structured as a stock-swap deal, creating a group valued at approximately $13.8 billion.
The merged entity’s valuation could exceed $34 billion if the Nasdaq listing proceeds as anticipated.
Bithumb, a rival exchange, is also pursuing a U.S. IPO and has restructured its business through a spinoff.
Dunamu reported 85% profit growth and tripled dividends, strengthening its financials ahead of a potential U.S. listing.

South Korea’s largest crypto exchange, Upbit, is moving toward a potential Nasdaq initial public offering (IPO) after confirming plans to merge with tech company Naver. As per the local report, this development marks a shift in South Korea’s digital asset sector as key players look to enter U.S. capital markets. The deal, which still awaits regulatory approval, would reshape the market presence of both companies and create one of South Korea’s largest fintech groups.

Merger Agreement Sets Stage for U.S. Listing

Upbit’s parent company, Dunamu, has agreed to a stock-swap transaction with Naver Financial. This deal will bring Upbit under the control of one of South Korea’s top technology firms. The combined group is expected to reach a valuation of approximately $13.8 billion.  According to market expectations, the Nasdaq listing could later push this valuation past $34 billion. The merger also includes plans to integrate Dunamu’s blockchain tools and stablecoin infrastructure with Naver Pay’s payment services.

Competing Platforms Explore Similar IPO Moves

The push for a U.S. public listing isn’t limited to Upbit. Rival exchange Bithumb is also exploring its own IPO options, with prior attempts dating back to 2024. In preparation, Bithumb has already begun restructuring parts of its business through a strategic spinoff process. These moves suggest rising interest in global market exposure among South Korean exchanges.

Over the past year, Dunamu has reported an 85% rise in year-over-year profit. It also tripled shareholder dividends, based on regulatory filings from previous quarters. These financial figures have strengthened Dunamu’s position as it prepares for a possible entry into U.S. markets. The finalization of the Naver-Dunamu merger remains subject to regulatory approval before any U.S. listing can proceed.

The post Upbit Targets Nasdaq Listing Following Merger Agreement with Naver appeared first on Blockonomi.

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Filed under: Bitcoin - @ November 24, 2025 1:23 pm