Naver Pushes Back Dunamu Share Swap to Late September

TLDR

• Naver Financial delayed its planned share swap with Dunamu to late September.
• The company will hold a shareholder vote on Aug. 18 and target closing on Sept. 30.
• The $10.3 billion all-stock deal aims to make Dunamu a wholly owned subsidiary.
• Regulatory approvals for major shareholding changes remain pending.
• Proposed Digital Asset Basic Act discussions could affect the deal timeline.

Naver Financial has postponed its planned share swap with Dunamu, according to a regulatory filing on Monday. The company now expects shareholders to vote on Aug. 18 and close the deal on Sept. 30. The revised schedule reflects a delay of about three months from earlier targets.

Upbit Share Swap Faces Extended Regulatory Process

Naver Financial disclosed the updated timeline in a filing with the Financial Supervisory Service. The company said it will seek shareholder approval in mid-August and complete the swap by late September. Earlier plans had targeted late May or early June for completion.

The company first revealed plans to acquire Dunamu in September 2025. Local outlets Yonhap and Chosun reported the proposed share swap at that time. Naver later confirmed the $10.3 billion all-stock transaction in a Nov. 26 filing.

Naver Financial said it plans to make Dunamu a wholly owned subsidiary. The deal would combine one of South Korea’s largest fintech platforms with the operator of the country’s largest crypto exchange. Upbit operates under Dunamu and leads domestic crypto trading volume.

The filing stated that regulators must approve changes in major shareholding and review the business combination. Naver said the timeline could shift again if approvals take longer. The company also said it could cancel the deal if required conditions are not met.

Naver cited ongoing discussions around South Korea’s proposed Digital Asset Basic Act. The company said the legislation could affect the transaction once enacted. Authorities expect to introduce the law in the first half of 2026.

Dunamu Reports Lower Revenue and Profit in 2025

Dunamu reported weaker financial results in its annual report filed with the regulator. The company recorded revenue of 1.56 trillion won, or about $1 billion. That figure marked a 10% decline from the previous year.

Operating profit fell 26.7% to 869.3 billion won, or about $573.3 million. Net profit also declined 27.9% to 708.9 billion won, or about $467 million. The company attributed the drop to reduced trading activity.

Dunamu said lower trading volumes weighed on performance during 2025. The company linked the slowdown to weaker activity in the broader crypto market. It did not provide further guidance in the filing.

Research firm 10x Research reported that trading volumes recently reached their lowest levels since 2022. The firm said total weekly volume fell about 7% from average levels. It also pointed to Ethereum network fees as a sign of subdued demand.

The revised transaction schedule now places the shareholder vote on Aug. 18. Naver Financial aims to complete the share swap by Sept. 30. The company said the outcome depends on regulatory review and legislative progress.

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