Upbit Parent Dunamu Targets Nasdaq IPO Following Naver Merger

Highlights:

• Dunamu is planning a U.S. IPO after merging with Naver to expand Upbit to global investors.
• Upbit has been leading the South Korean crypto market in terms of daily volumes.
• The merger is set to strengthen Dunamu and Naver to attract institutional investors internationally.

Dunamu, the parent company of South Korea’s leading crypto exchange Upbit, is set to pursue a U.S. IPO after merging with Naver. The planned listing will give investors access to one of the country’s most active crypto markets. Board meetings are scheduled for Wednesday to review the stock-swap deal. Both companies expect to approve the merger by the end of the week. The agreement will consolidate Upbit’s operations under Naver Financial and create a streamlined structure for global investors.

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📣 NEW: #Upbit parent Dunamu is reportedly gearing up for a Nasdaq IPO right after its merger with tech giant #Naver closes this week. pic.twitter.com/feNtPheQaR

— Coinpaper (@coinpapercom) November 25, 2025

Naver operates one of South Korea’s largest technology platforms, offering search, maps, email, blogs, and mobile payments. The company also plans to launch a won-backed stablecoin as regulations allow local digital currencies. These services will support Dunamu and Upbit after the merger.

Upbit controls the crypto market in South Korea, and its daily trading volume exceeds $2 billion. The merger will prepare the merged body to IPO on Nasdaq and expand its global reach. The collaboration enables Dunamu to capitalize on the technology and payment infrastructure of Naver. It allows Upbit to grow more quickly and reach a larger audience as well. Analysts have noted that the merger could attract institutional investors both locally and internationally.

Dunamu Targets Nasdaq IPO Amid Increased Public Listing Activity

A report from local media confirms that Dunamu plans to list on Nasdaq once the merger is completed. The IPO will provide exposure to South Korea’s highly active crypto market. Upbit’s size gives Dunamu a strong position globally. Its trading patterns often move differently from U.S. markets, which could appeal to Wall Street investors. Many see this listing as a chance to access an important overseas market.

Several crypto firms have listed or are planning to list in the U.S. this year. Gemini, Bullish, and eToro completed public offerings, while Circle recorded one of the strongest IPO debuts in June. Meanwhile, BitGo announced plans for a U.S. IPO under the ticker “BTGO.” The company manages $90.3 billion in assets and serves over 1.1 million users across 100 countries.

Revolut is also considering a dual listing on the London and New York Stock Exchanges. If completed, Revolut would reach a $75 billion valuation and rank among the top 15 companies on the London Stock Exchange. These examples highlight the growing demand for established crypto and fintech platforms.

Revolut is exploring a dual listing in London and New York, targeting a $75B valuation, per The Sunday Times. If it happens, it'd be the first to enter FTSE 100 while listing in NY. Serves 65M users, including 12M in UK. #Fintech #IPO

— Vincent Bu Lu (@VincentBuLu1) September 29, 2025

The Nasdaq IPO will allow Dunamu to attract global investors. Upbit will also gain resources for international expansion. Observers expect strong participation due to the exchange’s market scale and trading volume.

Market Impact and Competitive Shifts in South Korea’s Exchange Sector

The merger of Dunamu and Naver can redefine the competition in terms of market share and more robust technology and payment infrastructure. Competitor platforms might require fresh approaches to stay competitive. The regulators will examine the merger to make sure that it does not raise monopoly issues. The merger and Nasdaq listing have to be approved. Meanwhile, Bithumb previously explored a dual IPO listing in South Korea and the United States. Samsung Securities will lead the underwriting of the IPO in the United States.

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