Naver Secures $10.3B Stake in Crypto Exchange Upbit

Naver Corporation completes $10.3 billion equity swap with Dunamu, aiming for Upbit’s Nasdaq listing in 2026.

Key Points:

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.