Naver Secures $10.3B Stake in Crypto Exchange Upbit
NewsNaver Corporation completes $10.3 billion equity swap with Dunamu, aiming for Upbit’s Nasdaq listing in 2026.
- Naver Financial finalizes $10.3 billion equity swap for Upbit stake.
- Post-merger, Upbit targets Nasdaq listing by 2026.
- Market evaluates deal as undervalued, akin to “picking up money”.
NDV contends Upbit’s $10.3 billion merger with Naver Financial, announced in November 2025, presents a deeply undervalued opportunity within the cryptocurrency market.
The merger’s significance lies in valuing Upbit below market norms, potentially offering investors lucrative returns upon its planned U.S. IPO in 2026.
The merger between Dunamu and Naver Financial has completed a $10.3 billion equity swap. This strategic move is expected to bolster Upbit’s market position and potentially lead to a Nasdaq listing by late 2026.
Key stakeholders include Dunamu’s CEO, who retains a significant stake, and Jason Huang from NDV, who emphasized the valuation’s attractiveness. The merger aims to streamline operations by integrating digital payment solutions.
Investors consider the valuation undervalued, despite a previous Upbit hack affecting Solana assets. The anticipation of high-profit margins post-merger adds to the deal’s appeal in the financial community. “It’s an obvious case of a deep primary-market discount… That is why investors view a USD 10.3 billion valuation as ‘picking up money.'” – Jason Huang, Founder, NDV USD Fund source.
This acquisition has prompted discussions on regulatory bypass potential, leveraging Naver’s influence in Korea. Analysts predict enhanced competitive capabilities for Upbit in the global market.
With plans for a Nasdaq listing, the financial landscape for Upbit appears promising. The merger sets a precedent in the crypto sector, potentially influencing future mergers and acquisitions.
Expert analysis suggests a deep primary-market discount for the evaluation. This observation aligns with Upbit’s market dominance compared to other exchanges like Binance, according to historical trends and current market analysis.
More From Crypto News
Aster (ASTER) Rises 4.88% in 24 Hours: What the Data Shows
Aster (ASTER) is trading at $0.655837, up 4.88% over the past 24 hours, according to CoinGecko data as of 19:13 UTC on November 11, 2026.
Bitcoin Misses Stock Rebound as ETF Outflows Hit Day Four
Bitcoin failed to follow a broad equity rebound on November 11, trading near $73,993 while Nasdaq-100 futures climbed 1.7% after CoreWeave posted an earnings be...
OCC Clears Coinbase National Trust Company for Crypto Custody
The OCC issued its decision in CD-1370 , formally authorizing Coinbase National Trust Company to operate as a federally chartered trust bank focused on digital-...
Reported Ankr Ethereum Bridge Drain Exceeds $303,000, The Defiant Says
The Ankr Ethereum Bridge was drained of more than $303,000 in an exploit carried out across five transactions.
Binance CFO Steps Down After Reported Hack, Co-CEO Cites Planned Transition
Binance’s chief financial officer has stepped down, the exchange confirmed, with the departure landing nine days after the platform suffered what has been descr...
US Treasury Takes Action Against MEXC Over Alleged $16B in Sanctions-Linked Transactions
The Treasury press release identifies MEXC as the subject of the action and ties the exchange to transaction flows connected to three sanctioned or adversarial...
