Wall Street would gain exposure to a highly active crypto market outside the U.S. through Dunamu's listing.
Crypto News
The parent company of South Korean crypto exchange Upbit is reportedly planning a U.S. stock market debut. Dunamu aims to launch an initial public offering on Nasdaq following completion of its merger with local tech giant Naver, according to a Monday report from Seoul Economic Daily.
Dunamu and Naver are planning separate board meetings on Wednesday to approve the merger. If both boards pass the measure, CEOs will publicly detail post-merger plans Thursday. The Chosun Daily reported the anticipated timeline for the approval process.
Upbit ranks as South Korea's most popular crypto trading platform. The exchange recorded $2.1 billion in volume over the past day, roughly matching the $2.2 billion volume on U.S.-based rival Bullish, which completed its IPO in August. Wall Street would gain exposure to a highly active crypto market outside the U.S. through Dunamu's listing.
South Korean crypto markets often move asymmetrically compared to other global markets. Naver Financial, the fintech arm of the country's top search engine, plans to acquire Dunamu through a share exchange pending board approvals. Local media first reported the acquisition plans in September.
Naver operates email hosting, blogs, maps, and mobile payments services similar to Google's ecosystem. The company has been dubbed the "Google of South Korea" for its dominant search engine position. Naver also plans to launch a local currency stablecoin project as South Korea moves forward with allowing Korean won-backed stablecoins initially via banks.
Regulatory authorities must review whether merging the country's top crypto exchange with its leading payments provider creates a monopoly. The approval process will examine potential competitive concerns before the deal can close. Multiple crypto companies have debuted in U.S. markets this year amid friendlier policy conditions.
Crypto exchanges Gemini, Bullish and eToro all launched in 2025, though stock prices have declined alongside broader crypto market movements. Stablecoin issuer Circle Internet Group achieved one of the year's most successful IPOs in June with an $18 billion valuation on debut day. The trend of crypto companies entering public markets shows no signs of slowing.
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