Naver Eyes Game-Changing Acquisition of South Korea’s Crypto Giant Upbit

South Korea's internet titan makes bold power play for digital asset dominance.

The Move That Could Reshape Asian Crypto Markets

Naver's potential takeover of Upbit signals a seismic shift in corporate crypto adoption. This isn't just another acquisition—it's a strategic masterstroke that positions the tech conglomerate at the forefront of Web3 infrastructure. Industry insiders whisper the deal could close before year-end, though regulatory hurdles remain.

Why This Acquisition Matters

Upbit controls over 80% of South Korea's crypto trading volume. Naver's existing fintech ecosystem—from payment systems to cloud infrastructure—creates perfect synergy. The combination could create Asia's first truly integrated tech-crypto powerhouse. Traditional banks are watching nervously as digital assets bypass legacy financial gateways.

Regulatory Chess Match Ahead

The Financial Services Commission won't rubber-stamp this deal. South Korea's strict crypto regulations mean due diligence will be brutal. But Naver's political connections and compliance resources give them an edge that pure-play crypto firms lack. Because nothing says 'legitimacy' like a corporate giant paying regulators to bless your disruption of their system.

This acquisition could trigger domino effect across global tech—where crypto exchanges become strategic assets rather than regulatory headaches.

TLDR

• South Korean internet giant Naver is in talks to acquire Upbit operator Dunamu through a stock swap deal
• The acquisition would bring Upbit under Naver Financial’s umbrella as a full subsidiary
• Upbit is South Korea’s largest crypto exchange with over 80% market share historically
• Naver shares jumped over 7% to 246,000 Korean won ($175) following the acquisition reports
• Both companies are working on overseas expansion plans and a won-pegged stablecoin initiative

South Korean internet giant Naver is moving closer to acquiring Dunamu, the operator of the country’s largest cryptocurrency exchange Upbit. The deal would mark a major consolidation in South Korea’s fintech sector.

🚨 BREAKING 🚨

🇰🇷 NAVER, ONE OF THE BIGGEST SOUTH KOREAN COMPANY WILL ACQUIRE UPBIT AND LAUNCH A SUPER-APP FOR TRADING AND PAYMENTS.

BULLISH FOR MASS ADOPTION 🔥 pic.twitter.com/PSdFbASZTO

— Ash crypto (@Ashcryptoreal) September 25, 2025

Naver Financial, the company’s financial services arm, is in advanced discussions with Dunamu about a comprehensive stock swap arrangement. Under this structure, Naver WOULD issue new shares to acquire stakes from Dunamu’s current shareholders.

The two companies are currently finalizing the swap ratio for the unlisted stock according to local media reports. This type of arrangement allows companies to merge through share exchanges rather than cash payments.

Upbit holds a dominant position in South Korea’s cryptocurrency market. The exchange has maintained over 80% market share in some months since 2022, making it the country’s clear leader in digital asset trading.

The platform also ranks as the fourth-largest cryptocurrency exchange globally by trading volume. This scale would complement Naver Financial’s existing operations, which process 80 trillion Korean won ($58 billion) in annual payment volumes.

Strategic Partnership Already Underway

The two companies already collaborate on several initiatives. They are jointly working on developing a won-pegged stablecoin for the South Korean market.

Both firms have stated plans to use any potential merger as a foundation for overseas expansion. Naver aims to become a global fintech player through this partnership.

The timing coincides with Korea Blockchain Week taking place in Seoul. The event has drawn international attention to South Korea’s growing cryptocurrency sector.

Market dynamics have been shifting recently for Upbit. On September 9, rival exchange Bithumb increased its domestic market share to 46% while Upbit held 50.6%.

Competition Heats Up

This represents a tightening of competition from Bithumb’s previous smaller market position. Earlier this week, Bithumb announced a partnership with World Liberty Financial, a crypto venture linked to US President Donald Trump.

Upbit’s market dominance has drawn criticism from South Korean lawmakers. They argue that Dunamu’s control over the exchange market creates monopoly concerns.

Naver operates multiple internet-based services in South Korea including the popular Naver Pay digital wallet. The company competes with other major payment platforms like Kakao Pay and Toss.

Adding Upbit’s cryptocurrency capabilities would allow Naver to integrate payments, shopping, finance and digital assets under one platform. This would create a comprehensive financial ecosystem for South Korean consumers.

Naver shares surged over 7% to 246,000 Korean won ($175) following news reports about the potential Upbit acquisition. The stock movement reflects investor Optimism about the deal’s prospects.

The acquisition discussions come as South Korea’s government works to establish a regulatory framework for won-pegged stablecoins. This regulatory push could benefit both companies’ joint stablecoin development efforts.