Naver to Acquire Upbit Operator Dunamu via Equity Swap
South Korea’s internet giant Naver is poised to greenlight an equity-swap acquisition of Dunamu, the operator of leading crypto exchange Upbit, at its board meeting next week. Dunamu has scheduled its own board meeting for Nov. 26, 2025 to confirm the terms and next steps. Company statements suggest the deal is moving toward formal approval and completion of transactional details.
The tie-up would combine Naver’s large consumer and payments ecosystem with Upbit’s dominant position in Korean crypto trading, signaling deeper integration between mainstream tech platforms and the digital-asset sector. Market and regulatory watchers will be watching for effects on competition, product bundling, and compliance posture in South Korea; for Naver, the acquisition could accelerate its fintech and web3 ambitions by adding trading and custody capabilities to its service mix.