Naver Consolidates Power with $10.3B Acquisition of Crypto Giant Dunamu

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Naver Financial is set to acquire Dunamu, the operator of the dominant Upbit cryptocurrency exchange, in an all-stock transaction valued at approximately $10.3 billion (15.1 trillion won).

The strategic move, announced Wednesday, will see Naver Financial issue 87.56 million new shares to Dunamu’s shareholders, ultimately making the crypto firm a wholly-owned subsidiary. The exchange ratio was determined through an external valuation, solidifying the corporate value ratio between the two entities.

This acquisition positions Naver, already a tech conglomerate with vast influence, to directly dominate South Korea’s lucrative crypto market through Upbit, which reported $10.4 billion in total assets. The deal is now subject to shareholder approval, with votes scheduled for May 22, 2026, and a target completion date of June 30, 2026.