Naver Financial has pushed back the planned all-stock share swap to acquire Dunamu, the operator of crypto exchange Upbit, according to a filing with South Korea’s Financial Supervisory Service. The company now expects a shareholder vote on Aug. 18 and completion of the transaction on Sept. 30 — roughly three months later than earlier targets in late May or early June.
The deal, first reported in September 2025 and confirmed in a Nov. 26 regulatory filing, is valued at about $10.3 billion and would make Dunamu a wholly owned subsidiary of Naver Financial, combining one of Korea’s largest fintech platforms with the country’s biggest crypto exchange operator.
Naver’s filing notes the transaction remains subject to several regulatory approvals, including reviews related to changes in major shareholdings and a business-combination review. It warns the timetable could be delayed further or the deal canceled depending on the progress of those approvals. The filing also highlights that ongoing discussions over South Korea’s proposed Digital Asset Basic Act — a second-phase crypto law expected in the first half of 2026 that would broaden rules beyond current user-protection measures — could influence the timeline or final outcome once enacted.
The postponement comes as Dunamu reported weaker operating results. In its annual report to the FSS, Dunamu said 2025 revenue was about 1.56 trillion won (around $1 billion), down 10% year-on-year; operating profit fell 26.7% to 869.3 billion won (about $573.3 million); and net profit declined 27.9% to 708.9 billion won (about $467 million). The company attributed the falls to reduced trading volumes amid a broader market slowdown. Research firm 10x Research has reported trading volumes at their lowest levels since 2022, with weekly volumes roughly 7% below average and network-usage indicators signaling subdued demand.