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Naver Financial to Acquire Upbit Owner Dunamu in $10.3 Billion Stock Swap

Approval by shareholders plus regulators remains pending for a five‑year, 10 trillion won push into AI and Web3.

A general view of the Naver sign on its office building in Seongnam, South Korea, May 13, 2022. Picture taken May 13, 2022. REUTERS/ Heo Ran
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Overview

  • Naver Financial agreed to buy Dunamu in an all‑stock deal valuing the target at 15.13 trillion won, with a 1:2.54 share‑swap ratio and shareholder votes set for May 22, 2026 before a planned June 30, 2026 exchange, subject to competition and financial‑regulatory reviews.
  • Regulatory filings indicate an ownership shift that would make Dunamu founder Song Chi‑hyung the largest shareholder of the combined Naver Financial at about 19.5%, with Naver Corp.’s stake near 17%.
  • Naver, Naver Financial and Dunamu pledged 10 trillion won over five years to build AI‑ and Web3‑based financial infrastructure and talent pipelines as they target global expansion.
  • Executives confirmed work on a won‑pegged stablecoin and said Naver Financial plans a pilot stablecoin wallet in Busan next month.
  • Shortly after the deal announcement, Upbit paused deposits and withdrawals following an unauthorized Solana‑asset transfer of roughly 44.5 billion won, with Dunamu committing to cover customer losses and notifying relevant agencies.