Naver Financial & Dunamu Merger Sets Stage for US IPO Plan

Naver Financial and Dunamu Merger Sets Stage for US IPO Plan

Written by Aaron S.,

Editor-In-Chief

Last Updated: November 25, 2025

Key Takeaways

Dunamu's Upbit could give US investors direct access to South Korea's active crypto market via a Nasdaq listing;
Regulatory approval is crucial, as a merger with a major payments provider may raise monopoly concerns in South Korea;
Naver Financial plans to launch a won-backed stablecoin amid broader South Korean efforts to advance digital currencies.

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The parent company of South Korea's Upbit $2.02B , Dunamu, is preparing for a listing on the US stock market.

After merging with its fintech arm, Naver Financial, the company aims to pursue an initial public offering (IPO) on Nasdaq.

The merger is expected to be completed following board votes scheduled for November 27, with leaders expected to outline their future strategy on November 28.

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This decision would give US investors direct access to one of South Korea's most active crypto markets.

Approval from regulators will be key, as combining a payments provider and a crypto exchange could raise monopoly concerns. The merger has to pass scrutiny to ensure fair competition within South Korea's financial ecosystem.

In August, several crypto firms went public in the US due to a more favorable regulatory environment. Notable listings include Gemini $257.07M , Bullish and eToro, although their stock performance has been mixed.

South Korea's push toward stablecoins is tied to this corporate shift. Following the merger, Naver Financial plans to roll out a local fiat-backed stablecoin. The decision aligns with nationwide efforts to support Korean won–backed digital currencies issued through banks.

The listing would allow Wall Street to tap into a market that often behaves differently from global crypto trends.

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