Upbit is reportedly preparing for a Nasdaq listing as part of a broader strategy to enter the U.S. market, following a KRW 20 trillion stock-swap acquisition by Naver Financial.
Upbit, the largest cryptocurrency exchange of South Korea, is preparing for a potential Nasdaq listing.
This development comes as tech giant Naver is looking to acquire Upbit’s parent company, Dunamu, through a landmark stock-swap merger.
The deal will be reviewed and approved during board meetings this week.
Upbit Crypto Exchange Making Way to the US Market
Crypto exchange Upbit is reportedly eyeing its entry into the US market, and will trade along with other crypto giants like Coinbase, on the NASDAQ exchange.
The development follows recent news that Naver Financial plans to acquire Dunamu in a KRW 20 trillion ($14.5 billion) stock-swap deal.
This would make the Upbit operator a wholly owned subsidiary of South Korea’s leading internet conglomerate.
Reports citing Bloomberg indicate that Upbit may soon launch operations in the United States.
[ ZOOMER ]
RECENTLY ACQUIRED CRYPTO EXCHANGE UPBIT LOOKING FOR NASDAQ IPO AFTER MERGER: BBG
— zoomer (@zoomerfied) November 24, 2025
If completed, the merger would integrate Naver’s fintech services with Upbit’s dominant 70% share of Korea’s crypto market.
The combined financial entity will further emerge as a global digital finance platform.
The boards of both companies are scheduled to meet on November 26 to approve the merger. A local report, from the Korea Times, indicates that senior leadership will hold a press conference at Naver’s headquarters on November 27.
Under the proposed structure, Dunamu shareholders will exchange their ownership for equity in Naver Financial.
As per the report, major holders are expected to secure close to 30% of the merged entity.
Naver’s stake would decrease from 69% to around 17%, though operational control is still anticipated to remain with the tech company.
South Korean Regulators to Assess the Deal
The proposed merger is now undergoing regulatory review. Approval is required from both South Korea’s Financial Supervisory Service (FSS) and the Fair Trade Commission (FTC). The FSS will evaluate potential financial and operational risks.
This includes whether combining a licensed payment service provider with a virtual asset exchange could create systemic exposure.
Regulators have historically kept these sectors separate due to risk management concerns. This development comes as top Korean exchanges face regulatory scrutiny.
As part of the approval process, both companies must demonstrate that the merger would deliver public and industry benefits without undermining market stability or fair competition.
Industry observers note that the ruling could shape future integration between traditional finance and digital asset platforms.
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