South Korea’s Naver Financial has delayed the planned share swap to acquire Dunamu, operator of crypto exchange Upbit, according to a Financial Supervisory Service filing. Naver Financial now expects a shareholder vote on Aug. 18 and to complete the transaction on Sept. 30, about three months later than earlier targets in late May or early June.
The all-stock transaction, first reported in September 2025 and confirmed in a Nov. 26 regulatory filing, values the deal at roughly $10.3 billion and would make Dunamu a wholly owned subsidiary, combining one of Korea’s largest fintech platforms with the operator of its biggest crypto exchange.
Naver’s filing said the deal remains subject to multiple regulatory approvals related to changes in major shareholdings and business-combination review, and that the timetable could be delayed further or the transaction canceled depending on approval progress. It also noted that ongoing discussions around 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 affect the timeline or outcome once enacted.
The delay coincides with weaker operating results at Dunamu. In its annual report to the FSS, Dunamu reported 2025 revenue of about 1.56 trillion won (around $1 billion), down 10% year-on-year; operating profit fell 26.7% to 869.3 billion won (around $573.3 million); and net profit fell 27.9% to 708.9 billion won (around $467 million). The company attributed the declines 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 down about 7% from average and network usage indicators signaling subdued demand.